Money cannot make you happy, but it can make you more comfortable. Legal asset protection plans can help maintain quality of life and still access quality care. The more money you have and the longer you can make it last, the higher likelihood of maintaining quality of life.
Asset protection ensures the assets you build over your lifetime are not susceptible to being lost to the government, nursing homes, lawsuits, divorce, bankruptcy, or other predators during life or after death. There are strict rules on how to protect your assets, but they are easy to accomplish when done properly.
Debtor/Creditor law provides that whatever you can get, your creditors can get.
A properly drafted asset protection trust can permit the individuals creating the trust to change and modify trust terms during their lifetime.
This includes allowing individuals to retain control of their assets and even use or benefit from them while protecting them from creditors or predators.
Other trusts may prohibit any such changes.
It is a common misconception that irrevocable trusts, once created, cannot be changed. While that is true of irrevocable trusts created to avoid taxes, it is not true of all irrevocable trusts.
Asset protection planning can benefit people of relatively modest means, protecting them and their family.
It is critical to carefully balance protection during life and after death to accomplish your goals.
For married couples, proper asset protection can preserve 100% of the couple’s assets while maintaining eligibility for Medicaid and other government programs.
Legal asset protection for singles is more limited but still an option.
Assets that have grown over a lifetime can be rapidly depleted paying for nursing home care until it is gone.
Asset protection planning is available either before it is needed (pre-nursing home admission) or when needed (after admission to a nursing home).