In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, explains why people with long-term care insurance will still benefit from having an asset preservation plan in place to help protect their life savings from the potentially devastating high costs of long-term care. Does Someone With Long-Term Care Insurance Need An Asset Preservation Plan? […]
Are We Old Enough to Need to Worry About Long-Term Care Costs?
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, discusses long-term care costs and at what age someone should consider asset preservation planning to protect their life savings from these potentially devastating costs. ? Are We Old Enough to Need to Worry About Long-Term Care Costs? Transcript: Hi, I’m Wes Coulson and this […]
Does Gift Tax Affect Me?
One of the cornerstones of asset preservation planning is getting assets out of your name and out of harms way, which often leads to the question, “Will I have to pay gift tax?” This is a valid question. As part of the planning, assets may be moved into a trust, which is a great way […]
Do Living Trusts Protect Assets From Medicaid or VA Spend Down?
Living Trusts are valuable estate planning tools, but they don’t do anything to protect your life savings from long-term care costs during the Medicaid or VA spend down process. For that purpose, we need a different type of trust that can work together with your Living Trust called an Asset Preservation Trust. In this Elder […]
Is Protecting Assets From Long-Term Care Costs Legal?
It is important for someone with Alzheimer’s to take steps in protecting assets from the potentially devastating costs of long-term care. Asset preservation planning is effective in reaching this goal, but a concern we often get comes in the form of the question, “Is this planning legal?” The answer is – Yes, protecting assets through […]