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.
In practice since 1987, Evan Farr is widely recognized as one of the leading Elder Law attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by numerous sources, including the Washington Post, Newsweek Magazine, Northern Virginia Magazine, Trusts & Estates Magazine, The American Institute of Certified Public Accountants, and the American Bar Association, and has been featured as a guest speaker on numerous radio shows, including WTOP and Washington Post Radio. Evan has been named by SuperLawyers.com as one of the top 5% of Elder Law and Estate Planning attorneys in Virginia every year since 2007, and in the Washington, DC Metro Area every year since 2008. In 2011, Evan was named by Washingtonian Magazine as one of the top attorneys in the DC Metropolitan area, by Northern Virginia Magazine as one of the top attorneys in the Northern Virginia area, and by Newsweek Magazine as one of the top attorneys in the country. Evan is also a National Best Selling Author with the release of Protect & Defend, a book Evan authored with a host of other top attorneys across the country. Evan also recently released the Nursing Home Survival Guide, which provides valuable information and guidance to families dealing with the possibility of nursing home care and struggling to make the best decisions for themselves or their loves ones.