A revocable trust allows assets correctly transferred into the trust during the grantor's lifetime to bypass probate. This can simplify asset distribution and help preserve privacy.
A person requiring long-term care in a nursing home will often require Medicaid benefits to pay for that care as nursing homes costs can average anywhere from $10,000 to $15,000 monthly.
Revocable trusts are a powerful tool for anyone’s estate planning. Use them to protect your assets during your lifetime, manage taxes and streamline inheritance.
Discussing estate planning with your aging parents is vital to protect their wishes. It can be a hard conversation to start. However, it’s still necessary.
