The Listen to Lawrence Letter: An Insurance Question

July 1, 2024
June 27, 2024 • Volume 5 Issue 256
An insurance question… Read on:

CLIENT QUESTION:

You created an irrevocable Medicaid trust for me and now I notice that my homeowner’s insurance is still in our name and not in the name of the Trust. Does this have to be changed?

MY RESPONSE:

While we explain this to our clients at the meeting when signing the trust, this one is easy to forget about. So listen up folks. You should remain insured, but now we want you to call your insurance agent and make sure that your trust is an “additional insured.” We need everyone covered and in case of loss, we may want the insurance company to pay the trust directly.

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