Last Updated 5 days ago
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. In addition to these advantages, my new book on asset protection delves deeper into strategies that can safeguard your wealth. It outlines practical steps you can take to fortify your financial security against unforeseen challenges. By following the guidance offered, you can ensure that your assets remain protected for generations to come.
The Living Trust Plus®, Asset Protection Trust is a special type of irrevocable, asset protection trust. Even though the trust is “irrevocable,” you can remain in control of your assets because you can: Domestic asset protection trust limitations can affect how assets are protected from creditors. Understanding these limitations is essential for effective planning. Additionally, seeking professional guidance can help navigate complex regulations.
- be the trustee;
- 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 Plus 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 Plus Asset Protection Trust or the Living Trust Plus Lifetime Protection System, please click here to contact us . Living trust plus special bonuses can provide additional benefits that enhance your estate planning strategy. These bonuses may include features like asset protection and tax advantages, making it easier to manage your wealth. Ultimately, incorporating these elements into your trust can lead to greater security and peace of mind for you and your beneficiaries. Medicare’s 100day rule explained can be crucial for understanding how long benefits are available for skilled nursing care. This rule stipulates that coverage for a nursing home stay is limited to a specific duration following a qualifying hospital stay. Being aware of these details can help you make informed decisions about healthcare options for you or your loved ones.
