There are a couple of common misconceptions as to what happens to assets when placed in an Asset Preservation Trust to protect them. The first misconception is believing the attorney will take control of the assets and the second misconception is believing all assets have to now be invested in one place. Neither of these beliefs are true.
So, what happens to assets in an Asset Preservation Trust?
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, continues with the series on Asset Preservation Planning and explains what happens to the money and investments that are placed in an Asset Preservation Trust.
What Happens to Assets in an Asset Preservation Trust?
Transcript:
Hi, I’m Wes Coulson and this is your Elder Law Minute. This is another in our series on Asset Preservation Planning. What I want to talk about today, is what happens to the money and investments that are placed into an Asset Preservation Trust to protect them. I want to mainly, if you will, dispel a couple of common misconceptions.
First of all, we help you set it up but no, neither we nor any lawyer who would do this are going to take control of your money. I’m an attorney, I’m not an investment advisor.
The second misconception is that a trust is like one place and you have to invest everything in that one place in one way. That’s not at all the case. The trust is more like a safe, and most commonly we just take assets and investments and just change the name over to the trust.
So, you can maintain your same investments. You can maintain the relationships you have with a trusted family financial advisor. So, it’s a means of protecting assets, not of somebody else taking control of them or changing the relationships you have in place. Thanks.
For more information on Asset Preservation Planning, visit these articles:
- Would the Trustee of an Asset Preservation Trust Have A Lot of Responsibilities to Attend to?
- How An Asset Preservation Trust Protects Your Life Savings From Long-Term Care Costs
- What if I put my life savings into an Asset Preservation Trust and then I need some back later?
- Long Term Care Costs: The Biggest Threat to your Financial Future
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.
