In this Elder Law Minute, Wes Coulson, Illinois and Missouri Elder Law attorney, discusses the difference between estate planning and asset preservation planning.
What’s the Difference Between Estate Planning and Asset Preservation Planning?
Hi, I’m Wes Coulson, and this is your Estate Planning and Elder Law Minute. People see the reference on our website to asset preservation planning, and sometimes I’ve had people say, “So, I guess you’re talking about a living trust.” And actually I’m not. I’m talking about a different kind of planning. So, let me explain briefly the difference between estate planning and asset preservation planning.
Estate planning, which uses a living trust or a will, is intended to help you achieve the purpose of making sure that when you die, your estate is going to be distributed in accordance with your wishes, without wasting money on probate expenses or taxes. But it doesn’t do anything to assure that you’re still going to have an estate left when you die. That’s where asset preservation planning comes in. it’s a different kind of planning, and it uses a different kind of trust. It’s also critically important, so talk to us about it; this is something we can help you with.
For more information on Estate Planning and Asset Preservation Planning, visit these articles:
- Safeguarding Your Estate Plan
- Does a Living Trust protect my life savings from long-term care costs?
- What’s the Difference Between a Revocable Trust and an Irrevocable Trust?
“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.