How To Protect Your Life Savings With An Asset Protection Trust


Today, the risk of losing your life savings to a long term care illness looms as the largest threat to your future security.

That’s why one of the biggest questions and concern many people have about their lifetime financial security is what would happen if they suffer a long term disabling illness, such as Parkinson’s disease or Alzheimer’s.

One of the best legal strategies to help families avoid the devastating loss of their life savings is the use of an irrevocable trust to preserve some of your assets. This type of trust is called a Long Term Care Asset Protection Trust. It is also known as a Medicaid Trust or Income Only Irrevocable Trust.

The use of this kind of planning has increased in the last few years, especially since changes in the law that were enacted in 2006 eliminated last minute planning opportunities and have made planning ahead of time necessary.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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