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 protect them.
One of the questions we hear from people when we talk about this type of planning is: “Well, what’s going to happen to the assets that we put into this trust?”
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, continues with the series on Asset Preservation Planning and discusses what happens to the assets that are transferred into an Asset Preservation Trust.
What Will Happen to the Assets That I Transfer Into an Asset Preservation Trust?
Transcript:
Hi, I’m Wes Coulson and this is your Elder Law Minute. This is another in our series on Asset Preservation Planning.
If you’ve watched some of our other videos on this or looked around our website, you’ll know that for most people the best way to protect 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 protect them. Now, one of the questions we get a lot from people when we talk about this planning is:
“Well, what’s going to happen to the assets that we put into this trust?”
I’m sometimes shocked to hear that some people are under the impression that I, the lawyer, am going to take control of them. Let me assure you that that’s absolutely not the case. I am more than busy and very happy to confine myself to practicing law.
Those investments will be handled by your investment advisor. As you’ve heard in another video, you don’t have to cash things in to put them into the Trust. Most of the time, they can be just transferred in kind, in other words keep the same investments. Once they’re there, the Trustee can invest basically in the same things that you could if you were still investing personally, can change investments if something gets worse or if something else looks better, the same as you could personally.
So, a whole lot is not going to change, except for the big thing that you need to change because of those assets are going to be safe and not up for grabs for future long-term care costs. Thanks.
For more information on Asset Preservation Planning, visit these articles:
- The Sooner the Look-Back Period Starts, the Sooner It Ends
- Why do I need an Asset Preservation Plan?
- Long Term Care Costs: The Biggest Threat to your Financial Future
“Your Trusted Advisor on the Elder Care Journey”
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.
