Trusts Can Help Your Assets Go Further
Contrary to popular belief, trusts are not simply tools for the wealthy. The truth is that all of us have assets we wish to protect and to pass on, and trusts are a great way to achieve that goal.
Trusts are highly customizable based on their purposes and goals. At Field Law, we can help you establish a wide variety of revocable (living) trusts and irrevocable trusts. Examples include:
- Testamentary trusts — Contained in a Last Will and Testament
- Charitable trusts — For donating to a specific cause or institution
- Special-needs trusts — For loved ones who cannot provide for themselves
- Pet trusts — For continuing care of a pet once you pass away
- Spendthrift trusts — Restrictive trusts for loved ones who do not make wise decisions with money
- Land trusts
- Gun trusts — For passing on a collection of firearms
- Mineral and oil trusts — For passing on mineral, oil and gas rights
At Field Law, our attorneys are ready to help you establish nearly any kind of trust that may benefit you, either as part of the larger estate planning process or as a stand-alone legal instrument.
Trusts For Asset Protection And Late-Life Planning
While many trusts are focused on bequeathing assets to your loved ones, they can also be used to protect your assets while you are still living. The two most common examples are trusts for Medicaid planning and spendthrift trusts.
Millions of Americans rely on Medicaid as they age, because they cannot otherwise afford the cost of long-term nursing home care and other expenses. Unfortunately, qualifying for Medicaid often means completely draining your assets. If you establish a Medicaid planning trust to protect some of those assets, however, you can qualify for Medicaid and still have something to leave for your loved ones.
Asset protection trusts can protect your assets against future claims from creditors. These are typically established for beneficiaries other than yourself (such as a son or daughter).
Learn More About Trusts In A Free Initial Consultation
Field Law is in Baton Rouge, and we serve clients throughout Louisiana. If you live outside the state, but need representation in a matter related to Louisiana estate law, we are happy to accommodate you. To learn more and arrange a free consultation with an experienced lawyer, call us at (225) 341-8221, or get started.