Placing Assets in a Trust Can Safeguard Them From the High Costs of Longterm Care

In this video, we explore whether placing assets in a trust can safeguard them from the high costs of long-term care. We’ll discuss the different types of trusts, how they work, and what you need to know to ensure your parents’ assets are protected. Join us as we break down the legal and financial aspects of using trusts for long-term care planning, and provide expert insights to help you make informed decisions for your family’s future. Don’t forget to like, comment, and subscribe for more financial advice and tips!

 

 

Episode Transcript:

My parents have most if not all their Assets in a trust is that enough to protect them from needing to use those to pay for. The question is we have some type of trust I don’t know what type of trust revocable versus Castle trust will that protect against long-term care the answer would depend on what type of trust it is so if we have an asset protection trust a castle trust then the answer would be yes once they’ve made it five years if they have a revocable trust that I’m guessing they do then that does not provide any asset protection the revocable trust is still good what it does is avoids probate if it’s funded properly and you can control that distribution so both of those are important but what it doesn’t offer a lot of people are hung up on this is there is no asset protection for you so the revocable trust doesn’t offer the asset protection so to know whether your parents are protected I’d have to know what type of trust and that’s something that we can always take a look at.

Castle Wealth Group Legal in Media

Send Us a Message