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 four books that have reached #1 on the Amazon Bestseller List. These books feature detailed information about The Living Trust Plus™. For more information, please search for the book title on Amazon.com.
Evan Farr recently spoke about Living Trust Plus™ on various television and radio shows. Click on the links below to listen to the broadcasts.
Gary Price has practiced in the area of Elder Law and Estate Planning for over 20 years. In that time, he has created many revocable, irrevocable, and special needs trusts, has handled numerous Guardianships, and has prepared families on preserving wealth, saving assets and qualifying for Medicaid. In addition to Elder Law, Estate Planning, Medicaid Planning, and Guardianships, Gary also practices Intellectual Property Law and is registered to practice before the Federal Patent Office.