- Assets totally available to pay for nursing home care
- Revocable Living Trust does NOT protect assets from the cost of nursing home care
- Must be an Irrevocable Asset Protection Trust
- Protecting assets during life is as important as, if not more important than, protecting assets after death
- Revocable Living Trust does NOT protect assets from the cost of nursing home care
- Still need a Power of Attorney
- Trust does NOT avoid the need for a guardian of the person
- Trust may NOT avoid the need for a guardian of the estate
- Trustee can only manage trust assets
- Agent acting under a Power of Attorney can manage all assets
- Power of Attorney is a document that eliminates the need for a guardian of an estate and a person
- Still need a Last Will and Testament
- Trust does NOT replace a Will
- Last Will and Testament that is part of the living trust “package” does not contain a bypass provision
- Will should contain a provision bypassing an institutionalized spouse if the community spouse dies so assets do not go to the nursing home via the institutionalized spouse
- Quitclaim Deed clouds title to real estate
- Quitclaim Deed is often used to convey property to a Living Trust
