Don't Apply for Medicaid on Your Own!
Trusts can play a major role in protecting assets, avoiding probate, and reducing estate taxes, but the details of how they are drafted and funded can determine whether the plan works.
Todd Lutsky and Susan Powers discuss how homestead protection applies when a home is owned by a trust, why avoiding probate can also help protect assets from creditor claims, and how irrevocable Medicaid trusts may help families protect assets from long-term care costs while maintaining important flexibility.
The skinny
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