So, how do you know if you need a trust with regard to an estate plan?
The first thing you should do is speak to someone who is well-versed in the different types of trusts, what they do, and what they don’t do.
Do you need a revocable trust you can modify or change or an irrevocable trust you cannot modify and change? I can tell you that in Medicaid planning, an irrevocable trust is a much-preferred type of trust. Many times, there are concerns about an irrevocable trust because you can’t modify or change it. But it’s really important that you consider that as part of your estate plan. It can really be very helpful and useful in protecting your estate from your long-term care expenses and preserving your estate for your children instead of preserving it for the nursing home or the state.
So, it is very important for you to speak to someone who’s well-versed in trusts and can give you proper advice on what a trust is, what kind of trust you need, and whether an irrevocable trust is right for you.
The law office of elder law attorney Scott C. Painter, P.C., is located in Wyomissing (outside of Reading, PA, in Berks County,) and offers trusted legal services in the areas of elder law, including nursing home planning, trust and estate services, and veterans benefits. Scott C. Painter is a Certified Elder Law Attorney (CELA®), and he is also a member of the National Association of Elder Law Attorneys (NAELA).
If you have an issue or question, we encourage you to call us. With legal matters, time is of the essence. Call us for a consultation at 610-378-5140. The $300 consultation fee is waived if Attorney Painter is retained to perform services.