What Is a Nursing Home Asset Protection Trust?


A trust is a type of legal device that is used in the field of estate planning, and there are multiple different types of trusts. Contrary to a widely held belief, every trust is not an asset protection trust. One major distinction between trusts is the power of revocation, and this has everything to do with asset protection capabilities. There are trusts that can be revoked or dissolved, and there are also irrevocable trusts. Let s examine the details. Revocable Living Trusts Revocable living trusts are very popular, and you could potentially benefit from the creation of a revocable living trust even if you are not extraordinarily wealthy. As the name would indicate, you can revoke this type of trust, so you could change your mind, dissolve the trust, and walk away with the assets back in your pocket. You will probably never want to revoke the trust, because you would be creating it as the centerpiece of your estate plan, but you do not have to worry about losing control while the tr
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