A Hartford trust attorney can provide you with invaluable assistance in making plans in case you become incapacitated. You need to ensure that your assets are appropriately protected and managed, even if you have a medical issue that prevents you from managing them. While this can be a challenge, an experienced legal professional can help you to make use of the tools that you need under Connecticut law to keep your wealth safe and secure.
Asset protection and incapacity planning are something that everyone needs to think about. Even if you are young and in good health, an unexpected illness or a surprise injury could occur at any time and leave you either temporarily or permanently incapacitated.
When and if this happens, you don’t want all of your hard work to be lost because your assets are mismanaged and you don’t want to leave your family in a bad situation. A Hartford trust attorney can help you to make sure that this does not happen. Nirenstein, Horowitz & Associates has extensive experience with trust creation, and with all other aspects of incapacity planning. Call us today to find out how this experience can help you to be prepared in case tragedy strikes and you become incapacitated.
What Does a Hartford Trust Attorney Do To Help You?
A Hartford trust attorney can assist you in creating a living trust. A living trust is an important incapacity planning tool because you are able to provide protection for the assets that are held within the trust.
When you create a living trust, assets which are kept within the trust can be managed by the trustee. You will generally serve as the trustee as long as you remain in good health and are not incapacitated. However, you will also name a backup trustee at the time when you create the trust. The backup trustee is going to be able to take over management of the trust assets immediately upon you becoming incapacitated.
Because the backup trustee can manage trust assets, you are not going to have to worry about the assets being managed by someone who you didn’t select and who doesn’t have the knowledge and ability to manage assets appropriately. Your family is also spared the stress and costs of guardianship proceedings, which could be needed if you don’t have an incapacity plan. The process of transferring management of assets is quick and seamless, which is important in a medical emergency situation and which is beneficial if you have property or any assets that require regular and knowledgeable hands-on management.
A Hartford Trust Attorney Also Helps with Medicaid Planning
It is very common for incapacity to be caused by an illness or an injury which is difficult to cure or which leaves you permanently unable to care for yourself. If your incapacitating illness and injury leave you in need of care, you could find yourself requiring custodial care services in a nursing home. This is hugely expensive, with nursing home costs totaling thousands of dollars every month.
Medicaid will pay for nursing home care, while most private insurers and Medicare don’t pay for custodial care. However, the catch is that Medicaid pays only after you have spent down all of your assets and have few or no personal resources. You must try to protect your assets if you want to get Medicaid coverage right away in the event that you become incapacitated and require nursing home care. Certain types of irrevocable trusts can make it possible for you to protect property and wealth and ensure you don’t have to spend down the money and assets before Medicaid kicks in and begins paying the bills.
How a Trust Lawyer Can Help
At Nirenstein, Horowitz & Associates, you will be represented by a trust lawyer who has comprehensive experience with all aspects of incapacity planning. We can not only provide assistance in understanding the different types of trusts and creating the correct type, but we can also guide you in the creation of a comprehensive incapacity plan involving a variety of legal tools. For example, in addition to needing a trust, you may also need a power of attorney as well as advanced directives for healthcare which can allow you to express your wishes regarding the kinds of healthcare services that you wish to receive.
To find out more about how a trust lawyer can help you, download our free estate planning worksheet. You can also give us a call at 860-548-1000 or contact us online to speak with an experienced member of our legal team to learn more about the personalized assistance available to you.