Asset Protection Trusts are not as restrictive as Tax Planning Trusts. They ensure the grantor is able to protect his assets from liabilities during his lifetime, from lawsuits, nursing homes, or other predators and creditors.
Asset Protection Trusts, unlike Tax Planning Trusts, can allow the grantor to retain full control of their assets, and even retain the right to change the beneficiary and the method, manner or timing of distribution. A careful balance, however, must be maintained between the amount of access and “benefit” the grantor wants to retain and the amount of protection from creditors, predators, and nursing homes he desires.
While the grantor often gives up some rights to his assets, he does not need to give up any right to his assets for the benefit of his family. Assets transferred to an irrevocable Asset Protection Trusts can be used to support children, grandchildren or any other family members at any time that the grantor deems appropriate. The only requirement to achieve asset protection is that the grantor must give up access for himself or herself, up to the extent he wishes to protect it from creditors and predators.
Asset protection planning has become much more flexible and friendly over the past decade, and many of our clients at Butcher Elder Law favor it to ensure that their lifetime accumulation of assets is not lost needlessly to lawsuits, nursing homes or other predators and creditors.
Additionally, Butcher Elder Law is aligned with other highly qualified experts when it is necessary to address a range of diverse client needs. These experts include geriatric care managers, financial advisors, home healthcare givers – medical and non-medical, funeral directors, CPAs, insurance agents and bankers, among others.