What Do You Have to Lose?
What Do You Have to Lose? Contributed by: Laura McCreary, Estate Planning Department Manager
Many clients come to us interested in planning ahead for the possibility of needing long-term care in the future. Their interest in this type of planning is related to the fear of long-term care costs. One of the pre-planning tools we use is the Irrevocable Asset Protection Trust. When this trust is used correctly, it allows assets inside the trust to be protected from the cost of long-term care. This trust is designed by the client, also known as Grantor, and managed by the person(s) the client designates as Trustee(s). In short, the mechanics...