Description: Expert Advice in Plain Language for Anyone Worried About the Costs of Living and Dying
Have you ever considered the advantages of creating a living trust? Avoiding probate with a living trust is a well-known strategy, but bestselling author Evan H. Farr explains the need to consider both probate and long-term care expenses when creating a living trust. Revocable living trusts are very popular estate-planning tools recommended by tens of thousands of attorneys across the US. However, most Americans don't realize that these trusts do not protect assets from lawsuits or the catastrophic expenses associated with nursing homes and long-term care. In plain language, Farr delves into the many details you should address when creating a living trust in order to protect against lawsuits and longterm care expenses. He also outlines his Living Trust Plus(R) asset protection trust, which is the only type of self-created asset protection trust that allows you to retain control of your assets while avoiding probate and also protecting your assets from lawsuits and Medicaid. Farr also covers:- Joint ownership problems
- Special needs planning
- How to nursing home expenses
- Why Medicaid planning is ethical
- The ten most common Medicaid myths
- Finding the right lawyer
All-new sections in this edition include:
- How to protect your assets if you own rental property (using LLCs and asset protection trusts)
- Asset protection for high-net-worth individuals and couples
- Up-to-date information on how veterans can qualify for Aid and Attendance benefits
Protecting Your Assets from Probate and Long-Term Care will help to ensure your family does not have to reap the consequences (and expenses) of improperly creating a living trust.
Review Quotes: "If you own a home or have any assets whatsoever, this book will help you avoid common, costly mistakes paying for elder care for yourself or a loved one. It should be required reading for all older adults and their caregivers."
--Jennifer L. FitzPatrick, MSW, CSP, founder, Jenerations Health Education, Inc., author of Cruising Through Caregiving: Reducing the Stress of Caring for Your Loved One
--Linda Jean Sampson, Esq., Sampson Law Group PLLC "This book is packed with information that will not only save you money but also save you hours of time trying to understand the system and how it relates to your specific situation."
--Kate H. Caldwell, gerontologist and elder-care consultant, founder, ElderTree Care Management Services