Personal Finance (Not Investing) • Living trust income problem

The income limit for her housing is $38k. She is currently around $30k between an RMD + SS. So yes, this will definitely push her past the income limit. If this causes her to lose her apartment it will be a big problem.

I am very surprised a revocable trust can be use to shelter income or assets to allow a state or local govt subsidy.

The issue is the income, not the revocable trust. I agree with you the revocable trust likely doesn’t provide any protection for government benefits.

Could the property be put into a irrevocable trust before the sale?

I would have thought there would have been step up in basis over the years

Statistics: Posted by JBTX — Mon Oct 14, 2024 12:30 am — Replies 14 — Views 982

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