The Estate & Asset Protection Law Firm Founder, Victoria L Collier Clarifies Difference Between Revocable and Irrevocable Trusts
Estate & Asset Protection Attorney, Victoria Collier makes it very clear that there is no ‘one-size-fits-all’ form of asset protection and that when it comes to long-term care, Medicaid will not pay until almost all assets are depleted.
DECATUR, GA, April 12, 2018: Victoria L. Collier, founder of The Estate & Asset Protection Law Firm, has posted a new article on her law firm’s website entitled “Long-term Confusion Around Long-Term Care and Assets in Revocable Trusts.” Ms. Collier states right up front that, “It is completely understandable that there would be confusion around trusts and long-term care needs. With a multitude of trusts that can be established, most folks simply attempting to protect the assets they’ve worked their whole lives to accrue typically need guidance through the maze of trusts.”
According to Collier, “Basically, there are two major types of trusts: living and testamentary.” She continues adding, “But, within those two categories are Revocable Trusts, Irrevocable Trusts, Asset Protection Trusts, Charitable Trusts, Constructive Trusts, Special Needs Trusts, Spendthrift Trusts, Tax By-pass Trusts and Totten Trusts.”
“Why so many, you may wonder,” Collier writes, answering, “Well, it’s really because everybody has such different life circumstances and needs. I’m not going to explain each one, but keep in mind that there is no “one-size-fits-all” trust.”
Collier points out that, “Some people think they simply need a revocable trust to protect their assets in the event they will require long-term nursing home or in-home care. They think that Medicare or Medicaid will cover the costs.” She emphasizes, “Not so.”
“When you place your assets in a revocable trust,” Collier says, “you still own them. As long as the individual who requires long-term care retains control of the assets in the revocable trust, the trust is merely a legal extension of that person.” She elaborates further, “If someone sues you and receives a large monetary judgement, the assets in the revocable trust would not be protected. You would have to use them.”
According to Collier, “Some people actually spend or give away the assets in their revocable trusts if they have to go into a nursing home, so they will then qualify for Medicaid to pay for their long-term care.”
The entire article can be read at https://www.elderlawgeorgia.com/long-term-confusion-around-long-term-care-and-assets-in-revocable-trusts/
About Victoria Collier
Victoria L. Collier, CELA founded The Elder & Disability Law Firm of Victoria L. Collier, P.C. to serve the legal needs of seniors when their health care needs increase. Victoria is also Co-Founder of Collier Scott Financial Solutions, LLC. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability.
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.