Yes, a Gainesville elder law attorney can help you set up a trust. In fact, this is a common part of the estate planning services they offer. An experienced elder law attorney can provide guidance based on your health, family needs, and long-term care goals.
Elder law attorneys understand how trusts work with Medicaid planning and other aging-related concerns. With their assistance, you can create a plan that protects your assets, avoids probate, supports your wishes, and reduces stress for your loved ones.
Our estate planning lawyers in Gainesville have served more than 7,000 families over the past decade and have helped them find solutions to their legal challenges. Call today to schedule your Legacy Planning Meeting and discuss the best way to set up your trust.
What Kind of Trust Can Protect Your Assets?
People often suggest a Medicaid Advantage Trust, which is a type of irrevocable trust used in long-term care planning. By transferring assets into the trust, those assets are no longer counted for Medicaid eligibility.
This helps preserve wealth for your family and avoid Medicaid spend-down. The problem is, once assets are transferred, you give up control. The trust becomes legally binding, and decisions about the assets must follow the terms you set when it was created.
You’ll need to rely on the trustee to make important decisions, which you might not agree with if your needs or wishes change. At Nelson Elder Care Law, we offer a better solution in our Absolute Protection Trust™.
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What Is the Absolute Protection Trust™?The Absolute Protection Trust™ is our custom-designed trust that helps protect your assets from long-term care costs, while offering more flexibility and control than a standard Medicaid planning trust.
When you create an Absolute Protection Trust™, you transfer certain assets into it under terms that make those assets unavailable when Medicaid reviews eligibility. But unlike many irrevocable trusts, this one includes features that allow for adjustments as your needs change.
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How Does the Absolute Protection Trust™ Work?
Like other trusts, you place the assets you want to safeguard into the Absolute Protection Trust™. Once properly funded and after certain periods pass, such as Medicaid’s five–year look–back, those assets are not considered countable when determining Medicaid eligibility.
This also helps shield assets from Medicaid Estate Recovery by removing them from your probate estate. Additional benefits include:
Trust Protector™ Feature
Although the Absolute Protection Trust™ is structured as irrevocable, our Trust Protector™ gives you or our legal team limited authority to remove a trustee or amend certain provisions if your circumstances change. This feature adds flexibility without weakening the asset protection.
Ongoing Oversight
You won’t be left on your own once the trust is set up. Our planning team remains involved throughout the process, giving you access to consistent support and oversight. That continuity helps prevent errors, misunderstandings, or legal complications.
Meticulous Funding Process
A trust only protects what’s actually placed inside it. That’s why Trust Activation is such an important part of our process. We help you ensure every asset is transferred into the trust correctly. This reduces the risk of mistakes that could leave assets exposed or unprotected.
Estate and Tax Benefits
The Absolute Protection Trust™ can potentially reduce your taxable estate over time. Assets inside the trust may grow in value without being subject to estate tax at death. Your beneficiaries may also benefit from a step-up in basis.
When Is the Best Time to Set Up a Trust?
The best time to set up a trust to protect your assets from rising nursing home costs is well before you actually need one. Our elder law attorneys can help you set up a trust and understand the benefits, even if you are still young and healthy.
Taking action early allows you to carefully consider your options and tailor your plan to fit your unique needs. Waiting until you face illness, incapacity, or an unexpected legal challenge can limit your choices and create added stress for you and your loved ones.
At that point, some decisions may no longer be possible or may require court involvement. By setting up a trust while you’re healthy and fully in control, you can make thoughtful, clear-headed decisions that safeguard your wishes and protect your family.
Let Our Gainesville Elder Law Attorney Help You Set Up Your Trust
Our Gainesville elder law attorneys can help you set up a trust and address other estate planning concerns. This might include powers of attorney, wills, and medical directives. We’re your partners in preparing for whatever life throws at you.
Our Absolute Protection Trust™ is an important part of that process. We can help you protect your assets while still retaining the ability to make important decisions and changes when necessary. This gives you more flexibility than a traditional irrevocable trust.
For more than a decade, Nelson Elder Care Law has helped older Georgians and their families manage the legal complexities that come with aging.
Call today to set up your Legacy Planning Meeting to discuss your trust and other estate planning needs.
