A common myth about trusts is that a revocable living trust protects the assets from your creditors. However, revocable living trusts do not protect the assets from your creditors. A revocable living trust does not offer asset protection for your heirs. An irrevocable trust does offer asset protection, but many people are nervous about creating irrevocable trusts because they do not want to give up control of their assets during their lifetime.
The Castle Wealth Group has created a new type of trust that guarantees 100% asset protection while still allowing you to maintain a lot of the control that a traditional irrevocable trust takes away from the person who creates the trust. A Castle Trust™ avoids probate, protects your property now and for future generations, allows you to maintain some control over the trust assets, reduces your taxable estate, and protects your assets from long-term care costs.
How do you get the Castle Trust™?
You have to work with The Castle Group or The Elder Care Firm to set up the trust. Christopher J. Berry, the founder of both firms, created and trademarked the Castle Trust™. Attorney Berry is a Certified Elder Law Attorney and financial advisor who wanted to create a highly-specialized trust that could address many of the concerns expressed by his clients in using traditional types of trust agreements.
What Makes The Castle Trust™ Different from Other Trusts?
A Castle Trust™ offers many of the same benefits of a typical irrevocable trust. For instance, the Castle Trust™ avoids probate, which protects your privacy, reduces your taxable estate, and distributes property according to your wishes. The trust also protects the trust assets from your creditors during your lifetime, including lawsuits, debt collections, and other legal issues.
It is important to plan for incapacitation and age-related impairments, so that your family’s inheritance is not wiped out by the high cost of long-term care. The Castle Trust™ protects your property from being liquidated to pay the high cost of nursing home care while helping to protect your eligibility for Medicaid benefits. The trust protects your family home and other assets from Michigan Estate Recovery even if you owe money for Medicaid benefits.
You can set up a Legacy Inheritance Trust through the Castle Trust™ that preserves family wealth and offers asset protection for future generations. A Legacy Trust allows you to split the trust into separate shares for each beneficiary. The shares can be distributed to the beneficiaries or protected in a Legacy Inheritance Trust. An advanced version of the Castle Trust™ can be used to protect annuities and life insurance benefits.
Are You Still Not Convinced?
If you still have doubts about whether a Castle Trust™ is better than a revocable living trust, read about a real-world example of how creating a Castle Trust™ could benefit you and your family here.
Do You Want to Learn More?
We offer a free legal, financial, and tax planning workshop. Certified Elder Law Attorney Christopher J. Berry explains in greater detail how the Castle Trust™ can benefit you and your family during the workshop. He also discusses issues related to probate, taxes, retirement, and long-term care.
You can reserve your seat at our free workshop by completing the online registration form or by contacting our office.
The Castle Wealth Group Helps Individuals and Families Plan for Their Futures
We offer financial services to help individuals create retirement strategies that protect themselves and their families. We use a variety of investment and insurance products to help you reach your goals. Our team of qualified financial planners can help you identify your goals, research investment options, and develop a retirement strategy that fits your budget and needs.
Call 888-390-4360 or use the contact form on our website to schedule an appointment with a Michigan estate planning attorney.