Protect Your hard earned savings, home and other assets
Of all the long-term care planning options avialable, none are as cost effective and powerful as the asset protection trust. By planning while you are still reasonably healthy, you can safely be prepared for a future potential crisis while avoiding unnecessary taxes. If you’re interested in protecting your financial future, schedule a meeting today to see if an asset protection trust is right for you!
Why Trust Our Team with Your Asset Protection?
- Asset protection without the assistance of an attorney is dangerously complex and you are almost certain to make major mistakes that may not be discovered for years to come when it is too late to fix them
- We have drafted hundreds of asset protections trusts over 20+ years making us one of the most experienced at doing so in Utah
- We use a senior friendly planning process that minimizes the burden on you and makes sure your planning is thorough
- Our managing attorney is one of only 2 certified elder law attorneys in Utah showing he has the knowledge and experience to help you get your planning right the first time.
- Typical estate planning lawyers will tell you this type of planning cannot be done because they simply do not know how to do it
Preplanning with Asset Protection Trusts
MAPT & VAPT Assistance
Asset protection trusts designed for long-term care purposes are special types of irrevocable trusts that remove assets from your estate so they are not considered when applying for VA Pension benefits or Medicaid benefits. We generally call these trusts Medicaid Asset Protection Trusts (MAPT’s) or Veterans Asset Protection Trusts (VAPT).
For Medicaid purposes, assets need to be transferred to the trust at least 5 years prior to the filing of a Medicaid application. For VA purposes, and depending on your assets, it is generally required that you create the trust 3 years in advance.
MAPT’s and VAPT’s are sophisticated instruments that maintain as much control for the Trustmaker as possible, while still removing assets from the estate for eligibility and estate recovery purposes. MAPT’s and VAPT’s also generally maintain the favorable income and capital gains tax treatment that you enjoyed prior to transferring assets to the trust.
The ElderCare Law Firm is well equiped to help you put together your asset protection trust to ensure that your estate is protected. Contact us today to get started with your planning process.
At The ElderCare Law Firm Inc., we focus on helping families enhance their lives today and secure their futures for tomorrow. We excel at guiding seniors, their children, and their families through the often confusing maze of financial and legal decisions they face.
We have carefully designed a special process to give you the best planning experience while making sure we cover all the issues that affect you and your family. Your involvement in that process will primarily consist of four meetings: Vision, Design, Delivery, and Funding Follow-Up.
Our mission at The ElderCare Law Firm is to take care of you as you go through the aging process. With our membership service, we stick with you over the longhaul to keep your planning up-to-date and provide you other essential benefits and services at a drastically reduced price.