Feb 10, 2014
By Rick Law, Elder Law and Estate Planning Attorney in Western Chicagoland.
There are distinct roles created by a trust document. The trustmaker is the person who creates the rulebook (trust) that controls the trust assets. The trustee is the person chosen to manage the assets of the trust for the benefit of the beneficiary according to the rules set by the trustmaker. In the most typical living trust, those roles are often filled by the same person or people.
Also typical of the typical living trust….creditors of the trustmaker can reach the assets of the trust. That’s because the trustmaker has total access to all the assets. If the trustmaker can access the assets, so can his or her creditors. Many people who having living trusts mistakenly believe that their trust creates a fortress around their assets so that creditor and nursing home costs won’t affect the trust assets.
Asset protection trusts are sophisticated trusts created by highly trained attorneys. Many of our clients have utilized customized asset protection trusts to avoid excessive impoverishment due to long-term care costs. Extensive knowledge is required to properly design and manage this type of trust planning.
Our clients’ estate plans affect the most valuable assets that they own and their most important loved ones. They want someone to listen to their stories, fears and hopes. They want their law firm to make the complicated seem simple and understandable. They want their advisors to think ahead and take appropriate steps to avoid future potholes. Our clients choose our law firm because they have been told that we are “the best” elder law attorneys. Almost all of our clients come to us by referral from other clients, other attorneys or other professionals.
If you have an existing trust, give our office a call at 630-585-5200 or 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care.
“You don’t have to leave your family a lot of money. You really don’t have to leave them anything.
Just don’t leave them a mess.
Law Hesselbaum has made sure we won’t leave our family with a mess.”
M. C., Client of Law Hesselbaum and Law Elder Law