The revocable living trust is a very useful and popular estate planning tool, recommended by tens of thousands of attorneys across the U.S. and used as the central estate planning document by millions of Americans. The primary benefit of the revocable living trust is that assets properly funded into such a trust are protected from the expenses and complexities of probate. However, what most Americans don't realize is that assets in a revocable living trust are NOT protected from lawsuits or from the catastrophic expenses associated with nursing home long-term care.
Certified Elder Law Attorney Evan H. Farr, one of the nation's leading estate planning, elder law, and asset protection attorneys, has developed a unique Medicaid Asset Protection Trust called the Living Trust Plus™ -- a trust that functions very similarly to a revocable living trust and maintains much of the flexibility of a revocable living trust, but is designed to protect your assets from the expenses and complexities of probate PLUS lawsuits PLUS nursing home expenses. A version of this Asset Protection Trust can also be used by wartime Veterans to obtain the Veterans Aid and Attendance benefit.
The Living Trust Plus™ Asset Protection Trust protects your assets from lawsuits, auto accidents, creditor attacks, medical expenses, and -- most importantly for the 99% of Americans who are not among the ultra-wealthy -- from the catastrophic expenses often incurred in connection with nursing home care. For most Americans, the Living Trust Plus™ is the preferable form of asset protection trust because, for purposes of Medicaid eligibility, this type of trust is the only type of self-settled asset protection trust that allows a settlor to retain an interest in the trust while also protecting the assets from being counted by state Medicaid agencies.
Even though the Living Trust Plus™ is irrevocable, you retain a high degree of control over your trust assets because:
Additionally, as is the case with all non-charitable irrevocable trusts, the Living Trust Plus™ can be modified, or even terminated, upon the agreement of all "interested parties" -- which are typically the trust creator, the trustee, and all trust beneficiaries.
Certified Elder Law Attorney and Medicaid Asset Protection expert, Evan H. Farr, CELA, has written three books that have reached #1 on the Amazon Bestseller List. These books feature detailed information about The Living Trust Plus™. For more information, please click on the book cover and read the press release or search for the book title on Amazon.com.
Evan Farr recently spoke about Living Trust Plus™ on two radio shows. Click on the links below to listen to the broadcasts.
Phoebe Hall is a highly regarded family law, elder law, and estate planning lawyer who has been practicing law since 1969. She is a co-founder of Hall & Hall, PLC, where she serves as its CEO and as a Senior Partner. In the practice of family law matters, Phoebe P. Hall has true expertise. With 45 years of experience, Mrs. Hall possesses an impressive depth of knowledge on all matters pertaining to family law. Whether your interest is in writing a will, creating a trust, updating powers of attorney, planning for long term care for yourself, your spouse, or your parent, of dealing with custody and divorce, Mrs. Hall can help you prepare for what the future may hold. Mrs. Hall’s practice areas include estate planning, estate administration, asset protection planning, guardianship, helping children plan for their aging parents, and representing clients with divorce and custody matters in court and in settlement negotiations. Mrs. Hall has served as Substitute Judge in the Juvenile and Domestic Relations District Court and General District Court and as Judge Pro Tempore in the Circuit Court. She is a seasoned advisor and attorney. Mrs. Hall is a member of the Virginia State Bar, the American Bar Association, the National Academy of Elder Law Attorneys, The Virginia Academy of Elder Law Attorneys (Board of Directors), The Metropolitan Richmond Family Law Bar Association, the Academy of VA Pension Planners, and various local bar associations. She is an accredited Veterans Benefits attorney. Mrs. Hall works with other professionals such as financial planners, CPAs, brokers, insurance agents, realtors, bankers, and care providers, as appropriate, to provide clients with a coordinated approach to their needs. Phoebe Hall’s numerous honors and awards include: Super Lawyers 2013 and 2012, Legal Elite 2012, Leaders in the Law 2011, Alzheimer’s Advocates for 2012, Influential Women of Virginia 2010, and Women of Achievement 2006. Mrs. Hall was inducted as a Fellow in the Virginia Law Foundation in 2014. Mrs. Hall serves on the Board of Directors of the Virginia Academy of Elder Law Attorneys and on the Alzheimer’s Association Board. She serves on the Committee on the Administration of Justice for the Richmond Bar Association. Mrs. Hall participates in various volunteer efforts, including Wills for Seniors and serving as 2011 and 2012 Co-Chair for the Alzheimer’s Reasons to Hope Breakfast, which has raised over $200,000 for the Alzheimer’s Association. She is a supporter of matters related to autism, of the MS walk, and of Massey Cancer Center. Highly regarded among her peers, Mrs. Hall is a popular speaker and writer, most recently as an advocate for issues affecting families, the elderly and disabled, and their care givers, including speaking to bar associations, to health care providers, church groups, and to citizens, including both national and local legal seminars.