Sarasota Attorneys Prepare Irrevocable Trusts Which Provide Asset Protection
The very term “irrevocable” may make you resistant to the idea of such a trust. Although the trust cannot be changed or revoked, if you name a person you truly trust as your trustee, your assets can be protected and you will not have to liquidate your estate in order to pay for long-term or assisted living care.
The way it works is that you, the grantor, put your assets into a trust. The person you name as trustee is the only one that can make decisions concerning the assets. Since you no longer control your assets, they are considered unavailable for you to use to pay for the expenses of assisted living or long-term nursing home care. Some other advantages to an Irrevocable Trust include, but are not limited to:
- Assets can be held in a Special Needs Trust to benefit a disabled person.
- Assets can be passed to beneficiaries outside of probate.
- The trust can gift assets to beneficiaries.
- Assets are protected from creditors.
- You can remove the trustee and name a new one any time.
Florida has specific rules about the language that must be used in order for an irrevocable trust to be valid. For example, the language used to draft an Irrevocable Trust in order to meet Medicaid’s requirements is different than the language that will be used to meet the requirements for Veterans Benefits. It is important that the attorney who drafts your irrevocable trust is familiar with the types of irrevocable trusts that will meet your specific needs.
Since there are many different objectives that can be accomplished with an Irrevocable Trust, it is important for you to provide all asset information to your attorney so that your trust can be correctly drafted to meet your goals and objectives.
There are also time frames that control how long before the long term care is needed that the trust must be put in place. Whether you anticipate needing long-term care in a few weeks or a few years, you need to consult an attorney and begin planning for your future needs.
At our Wills, Trusts, Probate and Elder Law Firm, PLLC in Sarasota, Florida, we prepare intricate Irrevocable Trusts in order to protect your assets and also help you be eligible for Medicaid and Veterans Benefits for long-term assisted living or nursing home care.