I am a senior citizen preparing for retirement and considering a living trust. What kind of a trust would be best?
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Nothing short of the assistance of local experienced elder law counsel will meet your needs. That attorney will start by gathering a great deal of information about your family and financial circumstances and, most importantly, your planning objectives. Estate planning for seniors most consider possible future Medicaid eligibility for nursing home care. It is definitely not a DIY project, and far beyond the scope of this public forum.
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The revocable Living Trust is an estate planning device and not an Asset Protection device. However protection from potential creditors can be achieved using the right combination of entities including an Asset Protection Trust. If you are a senior planning for retirement you may want to have your Trust attorney advise you on Trust that specifically provide asset protection from losses due to Nursing Home costs. See Avvo.com under 'Find-A-Lawyer'.
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A living trust is not an asset protection device. The only way to protect assets from creditors is to give up control and a living trust is designed so the grantor can maintain control (purposely). Depending on if you have current creditors or not there are things you can do to protect yourself but you need to sit down with an attorney to discuss your situation.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature.
A revocable living trust in WA provides no creditor or asset protection. Upon the death of the owner of the trust, if other trusts are created for the benefit of a spouse or children, and if they are written correctly, they may protect assets from the spouse or children's creditors. Asset protection is a very fluid area and successful asset protection depends on a lot of factors that should be evaluated and discussed with you. If you are in need of asset protection you should consult a qualified asset protection attorney.
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