LIVING TRUST PLANNING
A Tool to Avoid Probate & Guardianship…
and Much More…
A living trust is the best estate planning tool available. It is a powerful solution that does all the things most people think a will does but doesn’t. If your living trust is properly funded, it avoids guardianship upon your incapacity and probate upon your death.
In a living trust plan, you can answer all these questions:
- Who makes health care decisions if you can’t?
- Who manages your property and financial affairs if you can’t?
- Who will serve as guardian of your minor or disabled children if you can’t?
- Who will receive your property upon your death? How will they receive it?
A living trust estate plan allows you to take control of all these decisions and provide the answers you choose without the supervision of the court system. Many clients also include provisions in their living trust estate plan to:
- Protect Property in the event their spouse remarries
- Provide divorce, lawsuit and immaturity protection for their heir
- Make special provisions for heirloom property to pass on family traditions, faith and values
The core of every estate plan
Because a living trust is entirely revocable during your lifetime, its important to note that it does not provide any lifetime asset protection for you, and the assets in your living trust are a “countable resource” for purposes of the Medicaid spend-down rules–so your living trust does not protect your assets from the cost of nursing home care. [An irrevocable Medicaid Asset Protection Trust is required to provide that protection.] Still, a living trust is a very powerful and flexible tool, and we believe it should be the core of every estate plan.
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