Why You Should Set Up an Irrevocable Trust
An Irrevocable Trust is a trust that you generally cannot revoke or change. You may want to set up an Irrevocable Trust to reduce estate taxes, or even protect your property against Divorces, Lawsuits and/or Creditors. Let’s learn more about how Irrevocable Trusts are structured, and the benefits they can provide.
Asset Protection For Entrepreneurs
Going into business for yourself is a risky endeavor. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each step is fraught with risks. This is especially true given the litigious nature of our society. As a result, many entrepreneurs employ asset protection strategies. Asset protection is a form of strategic planning aimed at minimizing risk and protecting assets from creditors’ claims and litigation.
Planning for Long-term Care with Medicaid
Medicaid, also known as “Title XIX”, is a needs-based program for individuals who are 65 years of age or older, or disabled, and who lack sufficient income and assets to pay for their long-term medical care and treatment. If an individual meets the eligibility criteria, Medicaid will pay health care providers directly for long-term health care services delivered to the individual in a nursing home or at home. Medicaid also pays for additional medical services, such as doctor visits, inpatient and outpatient hospital care, laboratory services, and transportation necessary to receive medical care.