We use Irrevocable Medicaid Asset Protection Trusts extensively when working with clients to protect their assets from long term nursinghome spending. In handling Nursing Home Asset Protection Planning, we confront client concerns about loss of control.
In order to soothe the fears of lost control, clients often want there to be some way for the named trustee or trustees to be removed and replaced without going to court. One solution we use is the Trust Protector. The Trust Protector is typically an appointed person or entity who can be given the power to, among other things, oversee the actions of the trustee, remove the trustee and replaced the trustee if necessary. All of this can be done without Court involvement and can save time and money for all involved.
The Naming of a Trust Protector will allow you to know that under unexpected circumstances you can more easily appoint a successor trustee of the Irrevocable Trust. This should increase the level of comfort when considering gifting to protect your assets from be lost on long term care costs.
For questions or to review Elder Law and Estate Planning opportunities please contact Douglas Kaune, Esq. at 610 933 8069 or at Dkaune@utbf.com.
Doug is a member of the National Academy of Elder Law Attorneys (NAELA) and a Partner with Unruh, Turner, Burke & Frees, P.C. which is a full service law firm with offices located in Malvern, Phoenixville and West Chester, PA and also serving clients in the counties of Chester, Montgomery, Delaware, Bucks, Berks and Philadelphia.