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How do I protect my family farm?

The irrevocable asset protection trust has become the preferred method of protecting the family farm. Title to the farm can be transferred to an irrevocable trust and sheltered from the Medicaid Estate Recovery Program.

What does trust mean in land law?

In a trust, assets are held and managed by one person or people (the trustee) to benefit another person or people (the beneficiary). The person providing the assets is called the settlor. Different kinds of assets can be put in trust, including: cash. property.

What are the disadvantages of a trust?

Drawbacks of a living trust The most docHub disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.

What does trust of land mean?

The essence of a trust of land is that the formal title to the land (the legal estate) is separated from the underlying ownership (the equitable interest or beneficial interest).

Can trust hold agricultural?

Yes trust can take the land as gift. - As per law, now a Trust can receive an agriculture land as gift, supported by the proper Gift Deed. - As per Section 62, as the gift made to a trust is irrevocable , hence the income becomes the income of the Trust ,after getting the same .

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