A typical revocable living trust protects your assets from the expenses of probate, but does not otherwise protect your assets. Evan Farr’s Living Trust PlusTM Asset Protection Trust is a living trust that not only protects your assets from the expenses and difficulties of probate, but also protects your assets during your lifetime from a multitude of other financial risks, including the threat of lawsuits, auto accidents, creditor attacks, medical expenses, and — most importantly for our elderly clients – the catastrophic expenses often incurred in connection with nursing home care.
The Living Trust PlusTM Asset Protection Trust is a special type of irrevocable, income-only trust. Even though the trust is “irrevocable,” you will remain in control of your assets because you will:
– retain the right to receive all of the trust income;
– retain the right to live in and use your real estate;
– retain the right to change trustees; and
– retain the right to change beneficiaries.
Our Living Trust PlusTM Asset Protection Trust has no effect on your income and no effect on your income taxes. Along with our Asset Protection Trust, you will also be enrolled in our Lifetime Protection System, which entitles you to unlimited consultations with our firm as necessary to carry out your Estate Plan and Asset Protection Plan consistent with your needs and desires. As part of our annual fee, we will modify your documents as often as necessary due to changes in the law, changes in your family or financial circumstances, changes of address, or changes in your wishes. If and when necessary, we will: assist you with selection of appropriate long-term care facilities; review, prior to signing, all admission documents; and obtain Medicaid benefits for you at the appropriate time.
For more information about the Living Trust PlusTM Asset Protection Trust or the Living Trust PlusTM Lifetime Protection System, please click here to contact us .
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About Evan H Farr, CELA, CAP
