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 misunderstanding that they will have to cash in […]
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 think about […]
Don’t Fall Into the “Things Are Too Hectic Right Now” Trap
Last week we discussed when planning should start, which we determined the sooner the better for getting the best results in protecting your life savings from long-term care costs. However, sometimes even the best intentions give way to daily life and the overwhelming feelings that may arise from the very situations the planning is intended […]
The Sooner the Look-Back Period Starts, the Sooner It Ends
One thing that is a consideration during asset preservation planning is the look-back period. For Medicaid, there is a five year look-back period, and while they don’t have it yet, there is talk about a three year look-back period for VA Benefits. So, one of the biggest questions we get is: When should the planning start? […]
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 not your modern […]
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