There are various forms of asset protection techniques, including the use of trusts and medicaid asset protection. In terms of “pure” asset protection planning, both domestic asset protection trusts (for example, Delaware Trusts, Alaska Trusts, South Dakota Trusts, etc.) and offshore asset protection trusts are available. In the Medicaid context, we use a variety of techniques, including the use of irrevocable trusts, for the preservation of assets in long-term care and incapacity planning. Irrevocable trusts provide a control mechanism and may provide tax benefits in situations where the transfer of assets is appropriate. Generally, the use of such a trust is part of a pre-crisis plan. “Medicaid” Wills, promissory notes, caregiver agreements, life estate deeds, and annuities, represent other available strategies for asset protection. In the crisis context (where no advance planning has been done), under the current law, in most cases it is possible to preserve approximately one-half (1/2) of all remaining assets. If you are interested in learning more about asset protection strategies, please contact our office to schedule an appointment.
- Lindsay V.R. Moss, Esq., Becomes Partner at Elville and Associates, P.C.
- A Guide for Making Room for Grief in Work & Life
- How One Thing Might Lead to Another
- How Will My Agent Know Where My Property Is – and How to Access It? The Maryland Fiduciary Access to Digital Assets Act, Digital Storage Options, Safe Deposit Boxes, and Good Old Fashioned Record-Keeping
- The Movement to Improve End-of-Life Health Care Planning
- Fly, Rattle, and Roll
- Senior Home Seller? Here’s the Solution! (Part 2 of 2)
- Aging in Place Doesn’t Just Happen, It Takes a Plan
- Client Care Program Update – the April Tax Reform Educational Event, the Summer Social Event at Toby’s Dinner Theatre, and Looking Forward to the Annual Client Event
- The Early Retirement and Disability Decision