We are living longer lives, a wonderful gift indeed, but with it comes an increased likelihood of requiring long-term care at some point. This reality can pose significant financial challenges. As a law firm serving the North Shore, we at Jordan & White, LLC find that many of our clients are interested in exploring options for asset protection as they age. One strategy that can be incredibly effective is the use of trusts.
Revocable Living Trusts for Flexible Asset Management
When considering asset protection for the elderly in Massachusetts, a revocable living trust can offer significant benefits. These trusts provide flexibility as they can be altered or terminated during the trustmaker’s lifetime. They enable the seamless management of assets during periods of incapacity without the need for a court-supervised conservatorship. However, because the trustmaker retains control over the assets, they may not offer robust protection against creditors.
Irrevocable Trusts for Comprehensive Asset Protection
For more robust asset protection, we often discuss the benefits of irrevocable trusts with our clients. With these trusts, the trustmaker relinquishes ownership and control of the assets placed into the trust. This lack of control creates a protective barrier against potential creditors and can also have beneficial implications for estate tax and Medicaid planning. However, these trusts are permanent and cannot be altered without the consent of the trust’s beneficiaries.
Trusts and Long-Term Care Planning in Massachusetts
The cost of long-term care in Massachusetts can be astronomical. Fortunately, certain types of trusts can be an effective tool for preserving assets while still qualifying for Medicaid, the government program that can help cover long-term care costs. By carefully planning and structuring the trust, it is possible to safeguard assets for the next generation while ensuring that your own long-term care needs will be met.
Trusts Are a Vital Tool for Elderly Asset Protection
The use of trusts in elderly asset protection in Massachusetts is not a one-size-fits-all solution. It requires careful planning and a nuanced understanding of your individual situation, assets, and goals. At Jordan & White, LLC, we can guide you through this complex process to develop a strategy tailored to your needs.
Connect with a Massachusetts Elderly Asset Protection Attorney Today
Asset protection planning can feel overwhelming, but it doesn’t have to be. At Jordan & White, LLC, we’re here to simplify the process and ensure that you and your assets are well-protected. If you need assistance with trusts or any other aspect of elderly asset protection on the North Shore of Massachusetts, we’re ready to help. Call us today at 978-744-2811 or contact us online for your consultation.