Asset Protection & Trusts

Many of our clients are worried that the assets they have spent a lifetime accumulating will be lost to predators or creditors. This is a valid concern, considering that we live in a highly litigious society; people seem to sue one another over just about anything, and you never know for sure what a jury will decide. While all of our clients are unique, we have found that many are most worried about protecting their assets in the following situations:

• Remarriage of a spouse after the client’s death
• A child or grandchild who seems unable to act responsibly
• Issue involving in-laws, particularly a child’s spouse “wasting” an inheritance
• Potential lawsuits and liability involving heirs
• Tax problems
• Physical or financial abuse of a surviving spouse by a loved one or care provider

At Jones Elder Law, we can address all of these concerns and many more. Please contact us to discuss your particular situation.

Of all the many legal tools available to preserve and protect your assets, some of the most powerful are Trusts, in particular the Revocable Living Trust. It is the cornerstone of virtually all of our clients’ estate plans. Why? A living trust offers complete control of your assets during your lifetime, provides for you and your loved ones in the event of incapacity, and allows you to pass your assets on when you want, to whom you want, in the manner you want… without the costs, delays, and the publicity associated with probate.

While the Revocable Living Trust is an outstanding solution for clients concerned with incapacity and probate, for clients focused on protecting an asset from long-term care or other attacks, an Irrevocable Trust is often the best fit. If you can revoke a trust you can decide to revoke it at any time and re-acquire the assets. That also means any of your creditors, including medical and long-term care providers, can acquire the assets.

With an irrevocable trust you have surrendered the right to revoke the trust and re-acquire the assets. That does not mean you have lost total access to the assets. Working with a knowledgeable elder lawyer, like Jones Elder Law, to properly draft your irrevocable trust is critical. Done properly, an irrevocable trust can retain your ability to access assets while protecting them from medical or long-term care costs.