Anyone know anything about trusts?
My father wants to put his house in some type of a trust. The objectives are to protect it in case he needs to go into a nursing home someday (I think that requires 5 years in a trust now?) and to make sure it goes to my sister and I if he remarries (he doesn't mention this, but I know he is thinking it).
We are going to hire an attorney to do this, I just want to make sure I go in there educated. For example, I know the house needs to be re-titled once the trust is created.
He is willing to do an irrevocable trust if necessary.
Also, does anyone know if a public pension can have its payments put into a trust an then distributed by a trustee? He receives a good pension as well.
Thanks for any help.