Elder Law |<\/a>\u00a0<\/span>One of the main reasons that people hire elder law attorneys is for assistance in setting up living<\/span>trusts. A living trust is a legal arrangement in which the legal title of certain property, including real<\/p>\n estate and cash, is transferred to a trustee who then holds it for the benefit of a third person, who is<\/p>\n known as the beneficiary. Every detail of the arrangement is outlined in the trust document. The<\/p>\n primary purpose of a living trust is to ensure that in the event that a person becomes incapacitated<\/p>\n and unable to manage their assets, a trustee will be entrusted to do so.<\/p>\n The main advantage of establishing a living trust is knowing, that in the event of becoming<\/p>\n incapacitated, detailed instructions regarding the management of the person’s assets have been given<\/p>\n and will be followed. Living trusts are also advantageous because if the appointed trustee dies or<\/p>\n becomes incapacitated too, the trust document provides instructions on who should succeed them.<\/p>\n Living trusts are recognized in all 50 states, and brokerages and banks recognize them. Perhaps most<\/p>\n compelling of all is the fact that with a living trust, a pricey probate process is typically avoided.<\/p>\n As long as an experienced and competent elder law attorney draws up a living trust, it should suffice<\/p>\n to protect the individual’s assets. However, if the person fails to fund the trust by transferring the<\/p>\n titles of the assets that are to be included, it will be invalid. Further, the individual must continue to<\/p>\n update the titling for newly acquired assets, or they will be left out of the trust. Finally, living trusts<\/p>\n won’t help someone avoid a Medicaid spend down because each asset is regarded as a countable<\/p>\n asset. This is true even if it was considered exempt prior to being included in the trust.<\/p>\n These and similar issues are best managed and handled by an experienced elder law lawyer.<\/p>\n <\/p>\nPros of Living Trusts<\/strong><\/h3>\n
Cons of Living Trusts<\/strong><\/h3>\n
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