An article recently published by WealthCounsel addresses the use of Asset Protection Trusts. Technically, they discuss self-settled trusts, in which your assets are used to fund the trust and you retain a beneficial interest. We can’t do that in North Carolina exactly that way, so we use a version that irrevocably transfers those assets out of your name and interest and the trust makes your family and children the beneficiaries.
Both strategies are important estate planning tools. In our experience, the irrevocable asset protection trust is an essential part of estate planning even if you are not worried about VA benefits or Medicaid… there is still a place for planning wealth transfer to your heirs in a controlled, predictable, and protected manner.
If you’d like more information, check out this article. And, give us a call to discuss your estate planning needs. You will find us to be caring compassionate attorneys, passionate about Estate Planning and Elder Law, and focused on VA benefits and Special Needs Trusts.