Is Asset Preservation Planning Legal?…
Asset preservation planning is helpful for protecting your property and life savings from the potentially devastating cost of long-term care. With life expectancies increasing, the chance of needing long-term care later in life growing, the cost of long-term care increasing, and establishing … [Read More...]
Is Asset Preservation Planning Moral?…
Having an asset preservation plan in place can give you the peace of mind that you are protecting your property and life savings from long-term care costs. Last week, we discussed whether or not asset preservation planning was legal and while we came to terms with the legality of asset preservation … [Read More...]
Retirement Income vs. Long-Term Care Costs: A History Lesson…
“Okay, here’s my retirement income and here’s how much it would cost to go into a nursing home." It is easy to underestimate the need to plan when you are younger for long-term care costs when you are older. Many people look at their retirement income in relation to long-term care costs when they … [Read More...]
Can a Family Member Serve as a Trustee?…
If you are setting up an Asset Preservation Trust to protect your life savings from long-term care costs, you will need to have a trustee. Now, the word "trustee" may conjure up a negative image of a sinister character in some people's minds, however, that just isn't the case. Snidely Whiplash is … [Read More...]
Will I have to pay gift tax when I put assets into an asset preservation trust?…
One of the questions that we often get when we talk about the details of asset preservation trusts is whether or not putting your assets into one, to protect your life savings from long-term care costs, will require you to pay gift tax on it. When people think about gift taxes, they usually just … [Read More...]
Do I Have to Cash In My Investments to Put Them In an Asset Preservation Trust?…
The main vehicle we use to help people protect their assets, including investments such as stocks, bonds, mutual funds and CDs, from long-term care costs is called an Asset Preservation Trust. Sometimes, however, when people hear “putting assets into a trust” it leads them to an unfortunate … [Read More...]
What Will Happen to the Assets That I Transfer Into an Asset Preservation Trust?…
If you’ve watched some of our other videos, or looked around our website, you’ll know that for most people the best way to protect their assets from long-term care costs is to put them into a special kind of trust that we call an Asset Preservation Trust. Think of it as putting things into a safe to … [Read More...]
How Can I Protect My Residence From Long-Term Care Costs?…
For most people their residence is far and away their single most valuable asset. So, it's no doubt that one of the most pressing questions we get during Asset Preservation Planning is: “Well, if I am facing nursing home placement, how can I protect my residence from being lost to the cost of my … [Read More...]
IRAs and Asset Preservation Planning…
When it comes to IRAs, it seems the strategy people most opt-in for is to withdraw the minimum required amount in order to defer paying taxes for as long as possible. Unfortunately, while this strategy seemingly saves tax dollars now, it may ultimately cost more in tax dollars later when they decide … [Read More...]
What if I put my life savings into an Asset Preservation Trust and then I need some back later?…
Having an Asset Preservation Plan in place will help protect your life savings from the potentially devastating costs of long-term care. As you may know from some of our other videos, the key to the planning is transferring the ownership of assets into a trust that is set up so that legally those … [Read More...]
How An Asset Preservation Trust Protects Your Life Savings From Long-Term Care Costs…
An Asset Preservation Trust is a special trust we use in Asset Preservation Planning to protect assets that could be lost to the financially devastating costs of long-term care. Basically, how it works is that ownership of the assets transferred into the trust is no longer considered yours, … [Read More...]
Would the Trustee of an Asset Preservation Trust Have A Lot of Responsibilities to Attend to?…
A trust has to have a trustee, somebody who is in charge of managing the assets in the trust, and with an Asset Preservation Trust, you can’t be your own trustee. One of the questions we often get during Asset Preservation Planning is, "Will the trustee have a lot of responsibilities to attend … [Read More...]
What Happens to Assets in an Asset Preservation Trust?…
There are a couple of common misconceptions as to what happens to assets when placed in an Asset Preservation Trust to protect them. The first misconception is believing the attorney will take control of the assets and the second misconception is believing all assets have to now be invested in one … [Read More...]
Does Gift Tax Affect Me?…
One of the cornerstones of asset preservation planning is getting assets out of your name and out of harms way, which often leads to the question, "Will I have to pay gift tax?" This is a valid question. As part of the planning, assets may be moved into a trust, which is a great way of protecting … [Read More...]
