Protecting Your Assets from Probate and Long-Term Care: Don't Let the System Bankrupt You and Your Loved Ones

Protecting Your Assets from Probate and Long-Term Care: Don't Let the System Bankrupt You and Your Loved Ones

by Evan H. Farr


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Evan H. Farr is a lawyer with expertise in asset protection and related topic. Let him, in plain language, explain the need to consider both probate and the expenses of long-term care when you create a living trust.

Have you ever considered the advantages of creating a living trust? Avoiding probate through the use of living trusts is a well-known solution, but author Evan H. Farr takes this issue one step further.

A revocable living trust, the main tool used for protecting your assets from probate, does not protect assets from the catastrophic expenses of long-term care. A very useful and popular estate planning tool, revocable living trusts are recommended by tens of thousands of attorneys across the United States and are used as the central estate planning document by millions of Americans. However, what most Americans don’t realize is that assets in such a trust are not protected from lawsuits or from the limitless expenses associated with nursing homes or long-term care.

In order to help readers protect themselves from both probate and long-term care, Farr delves into the many details you should know when creating a living trust. He also outlines his Living Trust Plus™ Asset Protection Trust, which is the only type of self-created asset protection trust that allows you to avoid probate and retain an interest in the trust while also protecting the assets from being counted by state Medicaid agencies. He details the process of avoiding probate and securing assets, including:

Joint ownership problems
Special needs planning
How to pay for the nursing home
Why Medicaid planning is ethical
The ten most common Medicaid myths
Finding the right lawyer

Protecting Your Assets from Probate and Long-Term Care will help to ensure your family does not have to reap the consequences (and expenses) of improperly creating a living trust.

Product Details

ISBN-13: 9781621535539
Publisher: Allworth
Publication date: 05/23/2017
Pages: 208
Sales rank: 350,811
Product dimensions: 5.40(w) x 8.10(h) x 0.60(d)
Age Range: 3 Months to 18 Years

About the Author

Evan H. Farr is widely recognized as one of the foremost experts in the field of Medicaid asset protection and related trusts. He is the creator of Living Trust Plus™ Asset Protection System, which is used by dozens of estate planning and elder law attorneys around the country, and he is the founder of the Elder Law Institute for Training and Education. He is the bestselling author of Nursing Home Survival Guide and Protect & Defend, and he has been rated as one of the best lawyers in the country by numerous publications, including, Washingtonian Magazine, and Newsweek. He lives in Fairfax, Virginia.

Table of Contents

Foreword vii

Chapter 1 The Problem of Probate 1

Chapter 2 The Problem of Long-Term Care 13

Chapter 3 Are Wills the Solution? 17

Chapter 4 Joint Ownership Problems 19

Chapter 5 Problems with Beneficiary Designations 29

Chapter 6 Estate and Incapacity Planning 33

Chapter 7 Special Needs Planning 51

Chapter 8 What Is a Nursing Home? 63

Chapter 9 What Is Long-Term Care? 69

Chapter 10 Discrimination against Chronic Illnesses 73

Chapter 11 The Caregiver's Role 77

Chapter 12 Selecting a Facility 85

Chapter 13 Nursing Home Evaluation Tool 91

Chapter 14 How to Pay for Nursing Home Care 99

Chapter 15 What Does Medicare Cover? 103

Chapter 16 Why Medicaid Planning Is Ethical 105

Chapter 17 Long-Term Care Insurance 109

Chapter 18 Veterans Aid and Attendance 117

Chapter 19 Medicaid Basics 123

Chapter 20 The Ten Most Common Medicaid Myths 137

Chapter 21 Preneed Medicaid Planning 141

Chapter 22 Frequently Asked Questions about Medicaid 151

Chapter 23 Medicaid Asset Protection Basics 157

Chapter 24 Real-Life Case Studies 161

Chapter 25 Medicaid Crisis Planning 171

Chapter 26 Finding the Right Lawyer 181

Index 181

About the Author 195

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