Coulson Elder Law is now Dent-Coulson Elder Law
Learn More

Estate Planning and Elder Law Attorney | Dent Coulson Elder Law

Get Help Right Away

Call Today: 618-632-7000 or 217-330-5500

or Send us an email

  • Home
  • Our Services
    • Alzheimer’s Planning
    • Asset Preservation Planning
    • Estate Planning
    • Medicaid Eligibility
    • Special Needs Planning
    • Trust and Estate Administration
    • VA Benefits Planning
  • News & Videos
    • Video Series
      • Coronavirus Preparedness
      • Asset Preservation Planning
      • Common Estate Planning Mistakes
      • Dealing With Alzheimer’s
      • Financial Exploitation of Elders
      • Handling Difficult Conversations with Seniors
      • Married Couples and Medicaid
      • Medicaid Application Process
      • Medicaid Look-Back Rule and Transfer Penalties
      • Nursing Home Admission and Care
      • Veterans Pension Benefits
      • What You Can and Can’t Keep with Medicaid
    • Weekly Newsletter
    • The Elder Law Minute
  • Alzheimer’s Guide
  • Presentations
    • Health Care Power of Attorney
    • Free Workshops
  • Hear From Our Clients
    • Testimonials
    • Share Your Experience
  • About
    • About Us
    • Meet Our Staff
    • Partners & Resources
    • About Our Fees
    • COVID-19 Policies
    • Privacy Policy
  • Contact
    • Email Us
    • Find Our Offices
    • Refer a Friend

Does a Living Trust protect my life savings from long-term care costs?

A Living Trust is an important estate planning document that offers many advantages, including keeping your estate out of probate after you die. However, does a Living Trust protect your assets from long-term care costs? This question gets asked quite frequently and the answer is simply, no it does not.

In this Elder Law Minute, Wes Coulson, Illinois Elder Law attorney, discusses Living Trusts, their advantages and why having an asset preservation plan, as well, is your best option for protecting your life savings from long-term care costs.

Does a Living Trust protect my life savings from long-term care costs?

Transcript:

Hi, I’m Wes Coulson and this is your Elder Law and Estate Planning Minute. I want to discuss today a question that comes up quite frequently and that is: Does a Living Trust protect your assets from long-term care costs? The answer is: No, not at all.

If you apply for any forms of government assistance, assets that are included in a Living Trust, that’s your Living Trust, are counted as yours the same as they would if you owned them directly, not in a trust. Now, two important things there. First, there is another king of trust called an Asset Preservation Trust that we can help you with that does very much help your assets. Second, I’m not at all telling you that Living Trusts are not important or useful. A Living Trust keeps your estate out of probate and I could go on and on telling you about the other advantages of a Living Trust.

The thing is, a Living Trust is an estate planning document, that’s for protecting things after you die. You need one, you also need an asset preservation plan. Thanks.

For more information on Living Trusts and Long-Term Care, visit these articles:

  • When it comes to Long-Term Care – When you run out of money, you run out of options
  • Wills, Living Trusts and Powers of Attorney: How often should they be updated?
  • Funding a Trust: Safekeeping your Assets

“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.

Veterans Benefits O'Fallon ILFor Immediate Help

If you or a loved one needs immediate help with a planning matter or legal issue, please contact us, and we will get back to you promptly.

Office Hours
Monday - Friday: 8:30 a.m. to 5 p.m.

Call Us
618-632-7000
217-330-5500
314-567-9292

Connect with Us

  • Facebook
  • Twitter
  • YouTube

Join us for a FREE Workshop

 

Free WorkshopsIf you have reached age 65, there's about a 45% chance that you will eventually need long-term care.

Join us for one of our highly informative and FREE workshops and find out how you can protect your family's hard-earned life savings.

Visit Free Workshops for more information.

Newsletter

Subscribe to our free weekly Newsletter and receive the latest news, updates and videos straight to your inbox!

Recent Posts

  • What an Illinois Medicaid Applicant Can and Cannot Keep: Motor Vehicles
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Personal Residence
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Household Goods & Personal Effects
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Life Estates
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Money & Other Assets Held in Trusts

More News & Videos

  • Alzheimer's Planning (85)
  • Asset Preservation Planning (150)
  • Coronavirus Preparedness Series (9)
  • Coulson Elder Law (11)
  • Elder Law Minute Video (385)
  • Estate Planning (132)
  • Health Care Planning/Medicare (79)
  • Medicaid Eligibility (141)
  • News & Videos (429)
  • Special Needs Planning (48)
  • Trust Administration (14)
  • Veterans Benefits (51)

774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

415 W. Virginia Ave.
Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333
Send us an email

Front office building of Coulson Elder Law

Front office building of Coulson Elder Law

  • Directions to our office locations

774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

415 W. Virginia Ave.
Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333
Send us an email

  • About Us
  • News and Videos
  • Weekly Newsletter
  • Brochures
  • Presentations
  • Hear From Our Clients
  • Partners & Resources
  • Legal Disclaimer

Copyright © 2023 · Wesley J. Coulson | Dent Coulson Elder Law, LLC