In the world of estate planning, trusts are the most powerful weapon in the arsenal, providing asset protection, tax reduction, probate avoidance and more. Many people associate trust planning with the ultra-wealthy, often assuming they don’t need one based on their income level. However, the truth is that trust planning can be a great tool for a large number of people to help safeguard their assets.
How do you know if creating a trust will help you achieve your goals? And which kind of trust is the best fit for you? On this Life Happens Radio podcast, attorneys Lou Pierro and Aaron Connor discuss:
The definition of this legal entity and what assets go in it
The pros and cons of different trusts, including living trusts and standalone trusts
Benefits of revocable and irrevocable trusts at different stages of your life
How a Medicaid Asset Protection Trust can help finance long-term care costs
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