Revocable, Irrevocable & Special Needs Trusts
From an Elder Law perspective, Trust Planning can be very important. Revocable Trusts, Irrevocable Trusts, Special Needs Trusts, and Supplemental Needs Trusts are used for varying purposes and at varying times, for our clients.
Common misconceptions are that trusts are only necessary for affluent individuals or that a trust’s only purpose is to avoid probate court. While trust planning may be applicable in those ways, trusts can also be used for asset protection planning for aging and disabled individuals.
Some important things to remember when considering the use of a trust for long-term care planning are:
- The competency of the potential Grantor or Will maker
- Powers included in a power of attorney for a potential Grantor
- Tax implications for financial assets
- The health of a potential Grantor for the five year look back period
Contact Kane & Crowell, PLLC immediately at (615) 784-4800 if you or a family member are considering trust planning for long-term care. It is our goal to make sure our clients have the quality of life they want and deserve that isn’t based on what it cost.