Montana Elder Law Missoula

1. Know about various types of trusts that can be useful to you during your retirement years and beyond Montana elder law allows for the establishment of a variety of trusts for older Americans. Here, we have described various types of trusts that you may find useful during your retirement years and beyond. Medicaid Asset Protection Trust The trust ensures that your assets do not make you ineligible for Medicaid. It has many benefits as well as some potential drawbacks. The trust offers an alternative to more expensive long- term care insurance, and there are some tax benefits also. By placing assets in a Medicaid Asset Protection Trust, tax liability is removed at the time of transfer, and your asset will receive their regular step-up. It is one of the most commonly used trusts, and also the most complex one. It is best suited for the individuals who have no immediate healthcare crisis and want to protect their assets from high tax liability. An experienced Elder Trust Attorney can guide you in setting up a Medicaid asset Protection Trust, if you need it. Medicaid Family Protection Trust It is another strategy available under Montana elder law Missoula for the individuals who want to protect their own assets and those of their children or beneficiaries from falling into unintended hands. The irrevocable trust under Montana elder law Missoula can protect your assets from creditors or anyone else due to some contentious family situation, like divorce. It can be beneficial for younger retirees and includes lifetime beneficiaries to ensure that the protection of assets extends even beyond the life of the grantor. Parental Protection Trust It is another trust that your elder trust attorney can suggest to you as an alternative to the traditional irrevocable trust asset protection trust planning. The trust enables you to divest your assets and give them to children who can establish the trust to benefit their parents (you). The

2. child can donate whatever funds they would like to set aside for the parents. Any assets placed in the Parental Protection Trust are preserved until the parent’s death, and the remaining assets are distributed among the children who can fund the Parental Protection Trust with assets to purchase a life insurance policy with a long-term care rider. An elder trust attorney can suggest this trust to affluent clients who wish to divest their assets and pass them on to their children. The Veteran Asset Protection Trust This is a beneficial option for veterans or their surviving spouses. The intentionally defective grantor trust is designed to meet the eligibility requirements of the Veterans Administration (VA). It allows veterans to put their biggest asset to use even if it is sold. As your elder trust attorney would tell you, proceeds from a house sale would not jeopardize your pension eligibility, if the residence was placed into the trust before the VA application. If you need Medicaid for more than five years after the establishment of the trust, the sum of money or the property set aside to generate income for a beneficiary would not be considered a countable asset. Many more trusts as possible under Montana elder law Missoula, like the Qualified Disability Trust, Grantor and Non-Grantor Trusts, and more. Montana Elder Law firm has experienced attorneys to guide you through each step of elder law including estate planning and probate. If you are confused about various types of elder law trusts, Montana Elder Law firm’s elder trust attorney will guide to you decide which trust would be best for you.