Protecting assets against loss has become a common goal of estate planning.  Asset protection trusts come in many different forms and can be used to protect property for the use and benefit of clients as well as their families and other beneficiaries.  In this issue you will learn how clients can easily integrate asset protection trusts into their estate plans. What Is an Asset Protection Trust? An asset protection trust is a special type of irrevocable trust in which the trust funds are held and invested by the Trustee and are only distributed on a discretionary basis.  The purpose of an asset protection trust is to keep the trust assets secure for the beneficiaries instead of being exposed to loss to the beneficiary’s creditors, in a divorce, or to predators. Asset protection trusts come in two forms:  third party trusts and self-settled trusts.  A third party trust is set up

Clients Need an Incapacity Plan that Works When It’s Needed. Estate planning is not only about having a plan in place to deal with what happens after a client’s death, it is also about having a plan in place to deal with what happens if a client becomes mentally incapacitated. In this issue you will learn: What happens without an incapacity plan. The essential documents for managing finances during incapacity. The essential documents for making health care decisions during incapacity. How to choose the right person for managing finances and making health care decisions during incapacity. The importance of keeping an incapacity plan up to date. If you have any questions about incapacity planning or have a client who needs to make or update their incapacity documents, please call our office now. Court-Supervised Guardianship or Conservatorship: How to Lose Time, Money, and Control During Incapacity Mental incapacity caused by an

Posted by Robert L. Arone – Asset protection planning is a powerful way to provide additional value to your clients. In this newsletter you will learn about seven trust-based asset protection strategies and how they can: Protect your client’s assets from creditors, lawsuits, and divorcing spouses. Protect client’s assets gifted to, or inherited by, a spouse, children, or other beneficiaries. If you have questions or would like help with an analysis of which clients would benefit, please call our office now. Lifetime Asset Protection Trusts – Having Your Cake and Eating it Too A Lifetime Asset Protection Trust is an Irrevocable Trust created during the client’s lifetime that can be used to: Qualify the client for Medicaid, while preserving an income stream for the well spouse and protecting the trust assets from estate recovery after the client dies – Medicaid Planning Trusts Create a lifetime trust for the benefit of the client’s spouse,