My brother , who is on Missouri Medicaid will soon be receiving $16,000 from the closure of a Family Trust which is no longer needed. He doesn't need the money for himself as he is in a assisted living facility (he suffers from mental issues), and all his need are sufficiently taken care of. I would like to know if we can preserve this money for his grown children. Also, he is likely to receive a more substantial inheritance when his ninety year old Stepmother dies. This money is also in a irrevocable trust in which he is a beneficiary. Is there a way to change him as beneficiary of this irrevocable trust to his children before his step mothers death.
Your best bet is to speak with a local estate planning attorney. It might be possible for your brother to disclaim the inheritance, but it depends on the language in the trust. A disclaimer essentially treats it as if your brother has died, so his portion passes to his heirs. This also applies when his stepmother dies. This requires a technical analysis of the trust documents, and application of Missouri state law. It is worth the cost of an attorney to ensure it is all done legally and correctly.
The preceding statement does not constitute legal advice. No attorney client relationship has been formed. I am not your attorney. I make no guarantees as to the contents of my answers.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline