Question 1

What is a Living Trust and do I need one?

Accepted Answer

A Living Trust (revocable trust) is a legal document that holds your assets during your lifetime and transfers them to beneficiaries without probate. It's ideal for families who want to avoid court involvement, maintain privacy, and simplify asset transfer after death.

Question 2

How does a Medicaid Asset Protection Trust work?

Accepted Answer

A Medicaid Asset Protection Trust (MAPT) is an irrevocable trust that moves assets out of your name so they are not counted for Medicaid eligibility. Most states observe a 5-year look-back period, so early planning is critical.

Question 3

What happens if I die without an estate plan?

Accepted Answer

Without an estate plan, state intestacy laws determine how your assets are distributed, which may not reflect your wishes. Assets may go through probate, a public and often costly court process.

Question 4

Can a Special Needs Trust affect my loved one's government benefits?

Accepted Answer

A properly structured Special Needs Trust allows you to provide financial support without disqualifying the beneficiary from Medicaid or SSI. The trust must be carefully drafted to comply with federal and state rules.

Question 5

What is the Aid and Attendance Benefit for veterans?

Accepted Answer

The VA Aid and Attendance Benefit is a tax-free pension for veterans who require the aid of another person for daily activities. Proper trust planning can help veterans qualify while protecting their assets.

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