A living trust attorney helps you to put plans in place in case you become incapacitated. A living trust can provide protection for your assets in case of incapacity and can also help you to ensure the timely transfer of your assets after you pass away. However, there are also some limitations on exactly what a living trust can do, so you should be certain to talk with an attorney about whether or not this type of trust is the right type of trust for you.
The Law Offices of James A. Miller, P.C. can provide you with comprehensive help and advice in putting a detailed plan in place for what will happen if you become incapacitated. You should take action now if you do not already have an incapacity plan in place, as even young people can become incapacitated and you could experience substantial financial loss – among other hardships – if you become incapacitated with no plans in place. Contact a living trust attorney at The Law Offices of James A. Miller, P.C. to discover the ways in which trusts should be incorporated into your incapacity plan.
How a Living Trust Attorney Helps You With Your Incapacity Plan
A living trust attorney helps you to determine if you should use a trust as a part of your plan for illness or serious injury that leaves you unable to manage your assets.
Many different types of incidents could leave you unable to continue to control your money and property. A car accident that causes brain damage, a stroke, dementia or other illnesses and injuries could all render you unable to do things like paying the mortgage and property tax bill or actively managing your business or other investments.
If something has happened to you and you can no longer control your money and property, you could find yourself in a situation where your wealth is lost. If your investments are not managed or if the bills are not paid, substantial financial damage could happen. A house could be lost due to a tax sale or due to foreclosure, or a business could cease effective operations if there is no one in charge of it who can make decisions.
You do not want all that you have worked for to be lost due to your illness or injury, so you need to have a plan in place to make sure that a trusted person can take charge of managing your money and assets. The creation of a living trust allows you to name someone who can immediately take over the management of your wealth for you.
You can create a revocable living trust and still have substantial control over your money and property. You will simply name yourself as the trustee of the revocable living trust. However, you will also name a backup trustee. That backup trustee can immediately begin to take control and can manage trust assets if something happens to you. Since the backup trustee will have immediate authority, there is no delay as would occur if guardianship proceedings had to be initiated so the court could appoint a guardian to manage your assets. You also get to control who takes over the management of your wealth, so you can select a person who you feel has the right skills and abilities to protect your assets.
While a living trust does provide this important protection in case of incapacity, this type of trust will not keep your wealth from counting if you need to qualify for means-tested Medicaid benefits to pay for nursing home care in the event of incapacity. There are also other limitations as well, so you should talk with your experienced attorney about whether a living trust is right for you or whether there are other legal tools that you should be using.
Getting Help from A Living Trust Attorney
A living trust attorney at The Law Offices of James A. Miller, P.C. can provide you with personalized one-on-one advice about the creation of an incapacity plan. We will work with you to determine if a revocable living trust should be a part of your plans for incapacity and can also discuss other trusts that you could create or other legal tools that you should use.
To find out more about the ways in which our legal team will help you to prepare for incapacity, join us for a free seminar. You can also give us a call at 866-370-3888 or contact us online to get help putting your personalized plans in place. Call today to get started, as you never know when a tragedy could leave you incapacitated.
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