A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Oklahoma Nominee Trust
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FAQ
Oklahoma is the only state that allows for both revocable and irrevocable family wealth preservation trusts where individuals can transfer up to $1 million in assets.
In Oklahoma, trusts are deemed to be revocable unless the document creating the trust specifically says the trust is irrevocable. An irrevocable trust will generally be required to achieve minimization of estate or income taxes.
You can convey assets into a Medicaid trust to shape your appropriate financial profile. A Medicaid trust is an irrevocable trust. You can receive trust income, but you will not be able to access the trust principal.
In a Nominee Trust the beneficiaries direct the trustee and may even serve as the trustee. Also, unlike an irrevocable trust, the beneficiaries of an NT may terminate the trust at any time and take full ownership of the trust property as tenants in common.
Exemptions include personal belongings, household furnishings, an automobile, irrevocable burial contracts up to $10,000, and generally one's primary home. For home exemption, the Medicaid applicant must live in their home or have Intent to Return, and in 2023, their home equity interest must be no more than $688,000.
The nominee trust is not a trust - it is an agency arrangement in which the "trustees" are agents for undisclosed principals. A true trust is an arrangement under which a "grantor" or "donor" transfers property to a trustee to use for the benefit of one or more beneficiaries.
It is possible to avoid, or at least minimize, Medicaid recovery by holding your assets in such a way as to avoid Oklahoma probate. Currently, Medicaid in Oklahoma does not make claims against assets that do not flow through probate.
With a Medicaid trust, you become eligible for Medicaid benefits, and your assets will not be used to meet your nursing home or other long-term care bills. Your property can pass on to your loved ones after your demise.
