{"id":25420,"date":"2018-03-21T18:36:04","date_gmt":"2018-03-21T18:36:04","guid":{"rendered":"http:\/\/themediabeast.com\/resources\/?p=25420"},"modified":"2018-03-21T18:37:06","modified_gmt":"2018-03-21T18:37:06","slug":"get-asset-protection-trust-mortellaro-law","status":"publish","type":"post","link":"https:\/\/themediabeast.com\/resources\/get-asset-protection-trust-mortellaro-law\/","title":{"rendered":"Should you get an Asset Protection Trust? (Mortellaro Law)"},"content":{"rendered":"<p><strong>Should you get an Asset Protection Trust?<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>In Florida, an asset protection trust is one of the most common forms of estate planning. As you\u2019re preparing for care in the second half of your life, you may be encouraged by an elder law attorney to look in to an asset protection trust. But what are the benefits, and is it the right move for you?<\/p>\n<p>&nbsp;<\/p>\n<p>An asset protection trust is an agreement established by the debtor to protect assets from potential civil judgement. This is designed to protect assets from litigation surrounding negligence \u2014 either professional or personal \u2014\u00a0as well as any incidences like car accidents or nursing home debt. This is also beneficial to protect the assets of the surviving spouse as well.<\/p>\n<p>&nbsp;<\/p>\n<p>There is often a misconception that an asset protection trust is only needed for wealthy individuals, but that isn\u2019t always the case. There are several benefits to an asset protection trust, including tax benefits. The IRS doesn\u2019t tax an asset protection trust the same way they would a traditional irrevocable trust. Another benefit is that a Florida asset protection trust is discretionary, meaning the trustee is never required to distribute income to a principal beneficiary.<\/p>\n<p>&nbsp;<\/p>\n<p>An asset protection trust is also beneficial if you plan on applying for Medicaid in the next five years, as it will not affect Medicaid eligibility.<\/p>\n<p>&nbsp;<\/p>\n<p>Unlike traditional irrevocable trusts, the Florida asset protection trust allows for modifications like adding or changing protectors. You can also transfer other assets in your named like annuities, bonds, personal property and other assets that you own yourself.<\/p>\n<p>&nbsp;<\/p>\n<p>If you are considering the financial benefit of an asset protection trust, contact the law offices of Mortellaro Law for a confidential consultation on your estate planning needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Should you get an Asset Protection Trust? \u00a0 In Florida, an asset protection trust is one of the most common [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","footnotes":""},"categories":[858,1050,1867,1874],"tags":[],"class_list":["post-25420","post","type-post","status-publish","format-standard","hentry","category-estate-planning","category-elder-law","category-wills-and-trusts","category-estate-planning-attorney"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.8 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Should you get an Asset Protection Trust? 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