Does everybody need a Trust?

Nathan Ziegler & Associates | Lubbock, TX (806) 765-8801
http://estateplanningattorneylubbocktx.com/practice-areas/

Do you have a loved one living in an assisted living or skilled nursing facility? Will your loved one need long-term care within the next five years?

Whether you are planning ahead or in the middle of a care crisis, we will help your family take the important steps and decisive actions needed to help you reduce or eliminate the rising costs of care for your loved one.

Nathan Ziegler & Associates is a full-service elder law, estate planning, Medicaid nursing home benefits, probate law and veterans benefits firm in Lubbock, TX. We are here to help you navigate through the costs and preparations associated with long-term care and estate planning. With the skilled professionals and attorneys at Nathan Ziegler & Associates, we can provide peace of mind and protection to seniors, their homes and savings, and their families.

We understand that every situation is unique, and invite you to call our office today for an appointment at (806) 765-8801

Practice Areas:

Long-Term Care Planning
Veterans’ Benefits Planning
Disability Planning
Medicaid Planning
Estate Planning
Guardianship
Adult Guardianship Litigation
Probate
Asset Protection

Nathan Ziegler & Associates
12002 Trafalgar Avenue
Ste. 202
Lubbock, TX 79424
(806) 765-8801

Nathan Ziegler & Associates
1030 Andrews Hwy
Suite #101,
Midland, TX 79701

Does everybody need a trust?
The short answer is no, not everybody needs a trust, but when we talk about trust, there are as many different types of trust as there are of different types of transportation. You have everything from bicycles to jet airplanes, vans, pickups, sedan, station wagons; they’re all transportation but they all serve very different purposes. And so there are trust that sometimes… we write trust down into different categories. There’s testamentary trust and there are inter-vivos trust. So inter-vivos trust are trust that are put in place during my lifetime and maybe the purpose of that trust is to protect my house or maybe it’s to protect my farm and make sure my house and farm aren’t subject to being lost and pay for my long term care need. Those are examples of irrevocable trusts. They offer a lot of protection with this type of planning. And then there are trusts that we utilize after the client passes away and those are referred to as testamentary trust. Those bring in to life after the client passes on and they make sure that the assets that they leave to their children actually benefits the children and not the creditors or ex-spouses or medical bills that they can’t pay, make sure that those assets aren’t lost on those bad situations. Now a common misperception with the use of trust, are what most people think of when they think of trust are revocable living trust. And a lot of folks don’t understand is that a revocable living trust as distinguished from an irrevocable trust. A revocable living trust doesn’t offer any protection. It’s whatever is available to you is also available to your creditors so everything in a revocable trust is available and can be subject to being lost to pay for long term care, it’s a countable asset for creditors, it’s a countable asset for Medicaid, for the nursing home as opposed to an irrevocable trust which offers a great deal of protection.

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