🏠Creating a family trust can help protect your home and savings from nursing home costs.
💰Transferring assets to a family trust at an early age can provide added protection.
📜Seeking professional advice and assistance is crucial when setting up a trust.
🤝Working with an attorney experienced in elder law will ensure the trust is legally sound.
💡Proper planning can help preserve your assets and ensure financial security in old age.
What is a family trust?
—A family trust is a legal entity that holds and manages assets for the benefit of family members.
How does a family trust protect assets from nursing home costs?
—By transferring assets to a family trust, they are no longer considered countable resources for Medicaid eligibility.
At what age should I consider setting up a family trust?
—It's never too early to start planning for the future. Setting up a family trust at a younger age provides additional protection.
Do I need professional help to create a family trust?
—Yes, seeking the advice and assistance of an attorney experienced in elder law is crucial to ensure the trust is properly set up.
What are the benefits of creating a family trust?
—Creating a family trust allows you to protect your assets, maintain control, and ensure your loved ones are provided for in the future.
00:06Introduction and overview of the topic
03:30Explanation of the importance of planning for nursing home costs
08:33Comparison of two scenarios: one without planning and one with a family trust
13:32Details about how to create a family trust and transfer assets
19:45Importance of seeking professional advice and working with an attorney
24:12Overview of the benefits and protections provided by a family trust
29:50Conclusion and final thoughts
