Protect Your Assets

An effective family asset protection plan is to transfer assets to an irrevocable trust.  In the trust, you can preserve property tax benefits for the home-place, minimize income taxes at death, provide for asset management due to incapacity, and allow for Nursing Home Medicaid or VA eligibility.  The primary requirements are (1) that the  parent is comfortable with relinquishing control, and (2) the successive generation (children) are responsible, trusting, and independent.

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