Can An Asset Protection Trust Be Utilized In Caring For Elderly Parents?
The most common type of asset protection trust that can be utilized in caring for elderly parents is a properly structured irrevocable trust. There are multiple types of irrevocable trusts that relate to asset protection planning and caring for an elderly parent, such as the irrevocable income only trust, the special needs trust (which can include a qualified income trust), a first-party special needs trust, a third-party special needs trust, and a pooled special needs trust. Some of these trusts must be set up in anticipation of the need for elderly care asset protection, and some can be used reactively once care is needed. It is best to consult with an elder law attorney prior to setting up any of these trust documents so that they can assist you in determining which trust to establish, and when and how to establish one.
What Sets You And Your Firm Apart In Dealing With Such Sensitive Cases?
There are five components of our firm that set us apart from the rest in dealing with such sensitive cases.
First off, we are board certified by the Florida Bar as specialists in the area of elder law – there are less than 110 board certified attorneys in Florida out of approximately 75,000 active attorneys practicing in Florida. A Florida Bar board-certified elder law attorney must have displayed and proven through testing that we have exceptional confidence in estate planning documents, such as wills, trusts, powers of attorney, healthcare surrogates and so forth. We have knowledge in the taxation of all the legal documents and financial investments of our clients. We have knowledge and competence in trust law, public benefits law, guardianship and probate. We handle all of these issues in our practice and we have seen many variations of the parent and caregiver dynamic. Since our attorneys are not dealing in criminal law, family law or personal injury law as a primary practice, we are entirely focused on the caregivers. It is all we do.
Next, we are collaborative in giving advice and recommendations, rather than dictatorial or adversarial. Further, we don’t overreach in seeking asset control. Some law firms and lawyers, whether it’s due to personality or tradition, are quite dictatorial in how certain situations should be addressed. The clients sometimes do not feel like they have a choice in the matter and they are not given options. The attorney will just tell them what to do without any context of why they should do it or other options that could also be attractive. Further, some attorneys will name themselves in roles such as an agent under power of attorney, or trustee or personal representative under a will as a first option. The only type of authority that those roles give the attorney is to check writing authority. At our law firm, we would only accept such a role as a last resort and after exploring all other options.
The next quality that we have is the willingness to explore options. This means that we will not just give one option; we’ll give multiple options, and we will be patient when educating clients and their caregivers about the strengths and weaknesses of each.
The fourth quality that we have is confidence; we are confident in our legal assessments, especially when the client wants to take a path that is outside of ordinary recommendations but is supported by law. Some attorneys will not be willing to push themselves past their comfort zone, even if the law would allow them to do so. Attorneys can be very conservative in their recommendations, but we are confident enough to pursue any viable option if that’s what the client desires. If the client wants to be more aggressive, we will be willing to accept the risk alongside them and chart new territory. We also constantly seek new and innovated approaches to elder law through our associations with multiple nationwide groups of elder law attorneys.
The fifth and final quality of our law firm that makes us unique is that we are compassionate and empathetic towards the aging parent and the caregiver role. Due to the volume and the exclusivity of working with aging parents and caregivers, we are able to see the nature of the caregiving role, the family dynamics and the related psychology and behaviors of each party involved. This allows us to greatly anticipate a client’s needs and options while remaining open to the exploration of alternative paths.
For more information on Asset Protection Trust In Elder Care Planning, an initial consultation is your next best step. Get the information and legal answers you’re seeking by calling (904) 398-6100 today.
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