Have you ever considered the advantages of creating a living trust? Avoiding probate through the use of living trusts is a well-known solution, but author Evan H. Farr takes this issue one step further. In Protecting Your Assets from Probate and Long-Term Care, Farr explains the need to consider both probate and the expenses of long-term care when you create a living trust.
A revocable living trust, the main tool used for protecting your assets from probate, does not protect assets from the catastrophic expenses of long-term care. A very useful and popular estate planning tool, revocable living trusts are recommended by tens of thousands of attorneys across the United States and are used as the central estate planning document by millions of Americans. However, what most Americans don't realize is that assets in such a trust are not protected from lawsuits or from the limitless expenses associated with nursing homes or long-term care.
In order to help readers protect themselves from both probate and long-term care, Farr delves into the many details you should know when creating a living trust. He also outlines his Living Trust Plus Asset Protection Trust, which is the only type of self-created asset protection trust that allows you to avoid probate and retain an interest in the trust while also protecting the assets from being counted by state Medicaid agencies. He details the process of avoiding probate and securing assets, including:
Joint ownership problems
Special needs planning
How to pay for the nursing home
Why Medicaid planning is ethical
The ten most common Medicaid myths
Finding the right lawyer
Protecting Your Assets from Probate and Long-Term Care will help to ensure your family does not have to reap the consequences (and expenses) of improperly creating a living trust.
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