Hi @pk,
You are correct on the main goals. The cost of the trust is the issue, as well as the client just seems to be put off by the concept. Mother is deceased. Property is RI and father is a resident.
My only addendum to this is also a goal of Medicaid consideration. RI is a probate only state for Medicaid Estate Recovery, so both a L/E and JTROS would protect the house from Probate, therefore shield the home from Medicaid Estate Recovery. However, with JTROS, and the father living in the home as a primary residence, it would be an excludable resource from Medicaid, SHOULD he need Long Term Care (not an issue as of now). Life Estate is a bit a of a question mark in that area, so it depends.
As a 'tie-breaker' of sorts- is either better in terms of gift tax implications?
I appreciate your input!
