Consider Setting Up an Asset Protection Trust in Massachusetts and Pennsylvania
Miller Law Firm, PC is founded by a licensed elder care attorney with relevant experience in family law, long-time care, and asset protection who is always ready to help clients set up an asset protection trust.
Nobody wants to think about their own mortality, but any experienced estate planning attorney can attest to the importance of putting your affairs in order ahead of time. Probate laws are complex, wills can be contested, and fraudulent creditors may file claims against your estate. One of the ways in which you can protect your asset and make sure that the intended beneficiaries will enjoy them in the future is by setting up an asset protection trust.
This arrangement, also known as a lifetime trust, places all your relevant assets into an irrevocable trust managed by a trustee. Once the asset protection trust is set up, the person who created it will continue to enjoy the use of the respective items. However, they will no longer have ownership over the respective assets and cannot dispose of them.
How Does a Lifetime Trust Work?
The relevant parties to a lifetime trust are:
- The settlor – the person who creates the trust
- The trustee – the person who manages the trust according to the settlor’s wishes
- The beneficiary – the person who will receive the assets held in trust after the settlor’s death.
With the assistance of an experienced domestic asset protection trust lawyer, the trust will be created in due time to allow the settlor to enjoy Medicaid benefits. Also, it will contain specific instructions with regard to the distribution of benefits to the beneficiary at any moment for reasons such as: health, education, support, or maintenance.
Benefits of Creating a Domestic Asset Protection Trust
One of the key words that define an asset protection trust is “irrevocable”. This means that once the settlor has created it, the trust cannot be undone and its provisions canceled. It also means that the assets placed in the trust are intangible.
Thus, the assets placed in a lifetime trust are protected from:
- Divorce – the assets held in trust do not represent the joint property of the spouses
- Creditors – by introducing a “spendthrift provision”, the beneficiary has limited control over the assets in trust and cannot be pursued by creditors
- Incapacitation – in case the settlor becomes incapacitated, the trustee will continue to act on their behalf and manage the trust.
Last but not least, a domestic asset protection trust gives the settlor full control over the final distribution of their assets.
Experienced Legal Advice at Your Service for Setting Up a Lifetime Trust
Miller Law, PC is founded by Steven D.W. Miller, a Certified Elder Law Attorney and experienced practitioner of family law and asset protection law. The practice is always ready to offer guidance for setting up an asset protection trust for clients living in:
- King of Prussia, PA
- Framingham, MA
- Lebanon, PA
- Lancaster, PA
- Reading, PA
- Neighboring areas
Schedule a consultation with us: 855-936-3886!
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