https://www.paestateplanners.com/ As you are getting older, you are probably looking at the rising costs of long-term care and wondering what you should do in order to protect your assets. One beneficial option is to gift assets to an irrevocable Medicaid trust; however, many people want to gift assets directly to their beneficiaries. To find out about the advantages and disadvantages, we invite you to watch this video.
By watching this video on elder law options, you will learn why you should protect your assets with an irrevocable Medicaid trust instead of gifting your assets directly to your beneficiaries. Some of the reasons include:
- Everything that you transfer to an individual could be lost if that beneficiary goes through a divorce, bankruptcy, or gets sued. However, if you protect your assets with an irrevocable Medicaid trust, assets that are gifted to the trust will be protected from divorces, lawsuits, and creditors for the remainder of your lifetime.
- By gifting assets directly to beneficiaries, there isn’t any guarantee they will spend or use the assets in the same way. However, if you gift assets to an irremovable Medicaid trust, an appointed trustee will remain in control of your assets per your wishes.
- If you gift real estate to multiple people, it will be difficult for them to manage because they will have to agree on the use of the property or selling the property. However, in an irrevocable Medicaid trust, the trustee will be responsible for how the real estate will be managed and if it will be sold—making things easier.
There are many more reasons why you should gift to an irrevocable Medicaid trust. To learn more, please contact attorney Doug Kaune at Unruh, Turner, Burke & Frees at 610.933.8069 or contact us online at https://www.paestateplanners.com/contact.cfm.