In this Elder Law Minute, Wes Coulson explains when a living trust can protect assets from long term care costs and when it cannot.
Video Transcript (Summarized):
Hello and welcome to your Elder Law Minute, presented by Wes Coulson from Coulson Elder Law. Our goal is to provide you with valuable information that will help you in your elder care and estate planning journey.
Today, I want to address a question we often receive: Does a living trust protect assets from long-term care costs? The answer depends on whose long-term care costs we’re talking about.
If it’s your own, then a living trust won’t protect your assets. A living trust allows you to maintain complete control of your assets, which means Medicaid or VA benefits will still count that money as belonging to you.
However, if you’re concerned about protecting someone else’s inheritance from long-term care costs, a well-drafted living trust can provide provisions that create a provisional special needs trust. This type of trust won’t count as an asset when determining eligibility for government assistance.
Living trusts offer numerous advantages, but they are not a cure-all for protecting your assets from long-term care costs. Thank you for watching, and we hope you found this information helpful.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
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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 (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
