A Trust is another tool that we use to provide benefits initially during a person’s lifetime. When the Trust beneficiary later passes away, the Trust is then used for asset distribution. We use several different types of Trusts in our elder law practice to provide our clients with a variety of options to plan for their financial needs.
A Trust can be created for a variety of goals, and not all Trusts are the same. A Trust is basically an instruction book that instructs the trustee(s) how to manage the assets that are funded into the Trust. A Trust can be either a Revocable Trust (sometimes called a Living Trust) or an Irrevocable Trust. A Revocable Trust helps to manage assets and helps to avoid probate at the time of your death for all assets funded into the Trust. An Irrevocable Trust can be used for asset protection when applying for public benefits as well as for protection from creditors, predators, and divorce situations.
Each client's situation is unique. Therefore, we believe in creating customized solutions.
Please call the office of Elder Law of Middle Tennessee at 615-444-3568 so we can discuss your needs, or click the link below.