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There are multiple ways to help you to protect your assets as you age. Planning ahead means navigating some complex legal issues. Bass Law Group has the compass that you need to help direct and ensure you make the best decisions.
Trusts are entities created by a trust document that are used to invest, to hold, to manage or to distribute the monies of a person to help protect assets by placing the management of those assets in the hands of another person (called a Trustee) and thereby remove the assets from that persons estate. You can use a trust to help you to manage your assets when you are unable to do so. In other words, a trust is a separate legal entity from the person or people who create the trust; very much like the legal entity of a corporation.
In some cases, for preplanning purposes like Medicaid or minimizing the effects of estate taxes, a trust is used to put the property or the income of someone into separate ownership. The assets can still be used to benefit you, but they are no longer directly owned by you as the assets now belong to the trust. Health care costs can be crippling for individuals and their families. In certain financial circumstances, and with proper planning, you can qualify for Medicaid rather than having to exhaust all of your savings or assets your family may be depending on when you are in need of medical care or nursing home care.
There are different kinds of trusts, depending on what you are going to need or the kind of provisions that you make. The trusts depend on unique and individual circumstances. We also can help with special needs trusts if you want to provide for the financial needs of a loved one who has a disability.
Bass Law Group can help you to explore your options when it comes to your assets to ensure that you have what you need and that your assets can be protected in the event that you need them. Understanding your best options are best suited for a discussion with us.
We invite you to let us help you navigate and plan for life’s transitions. Call us today for a free consultation.*
*Free 30 minute consultation for new clients.
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