Irrevocable, Medicaid, and Family Trusts
Illinois Irrevocable, Medicaid, and Family Trusts Lawyer
You have several options to secure your legacy and your wealth. From Medicaid planning to trusts and other estate planning solutions, you can trust our team at Bott & Associates, Ltd. to guide you in the right direction. Our Illinois irrevocable, Medicaid, and family trusts lawyer is available to answer your questions and create a trust that aligns with your wishes and financial needs.
Irrevocable, Medicaid, and Family Trusts Attorney Serving Illinois
When you put assets in an irrevocable trust, control shifts to the trustee. These trusts are often used to protect wealth and assets to meet income eligibility limits for Medicaid. What is important to know about irrevocable trusts is that once it is created, it cannot be modified. The trustor, or person who made it, cedes control of all assets they put into it.
Medicaid asset protection trusts (MAPT) are a type of irrevocable trust. As long as assets are moved into the MAPT five years before applying for Medicaid benefits, those assets will not be counted toward the applicant’s income. This strategy keeps valuable holdings, like the family home, in the control of beneficiaries without impacting the original owner’s need for Medicaid benefits to cover nursing home fees or other long-term care needs.
A family trust puts all assets and wealth into a trust that is then distributed to named beneficiaries. A trustee is put in charge of administering the trust. This estate planning tool is extremely helpful for avoiding probate, minimizing tax implications, and making sure that your legacy is passed down to the family members you want to financially support.
It can be confusing to decide what type of trust best aligns with your intentions. Our Illinois irrevocable, Medicaid, and family trusts lawyers will explain the pros and cons of each option so you can make an informed decision about your estate plan.
Why Experience Matters When Setting Up Irrevocable, Medicaid, and Family Trusts
The purpose of a trust is to shield assets. You worked hard to create a great life and solidify the financial future of your loved ones. Don’t risk your wealth and legacy by overlooking the available estate planning tools our firm has to offer. Everyone’s situation is different, and our firm understands that there is no one-size-fits-all approach to trusts. We explore every potential scenario, so no matter what happens to you, you have peace of mind knowing that you are protected.
We offer seminars and webinars to help educate and inform residents in Illinois and across the nation. We know that education is power, which is why our mission is not just to be an elder law solutions provider, but a source of knowledge, whether you are a client or not.
If you choose to work with attorney Maritess Bott and the rest of our team, your estate plan will benefit from:
- Attorneys with decades of estate and elder law experience
- Compassion and individualized assistance
- Free online resources, including videos and FAQ guides
- Complimentary initial consultations and 24/7 live call answering
If you are ready to get peace of mind through estate planning, give Bott & Associates, Ltd. a call. Our Illinois irrevocable, Medicaid, and family trusts lawyer is available to meet with you and discuss your options to protect your wealth. The sooner you start planning, the better your assets and legacy are safeguarded. Don’t leave your future or your family’s future up to chance. Stay in control with the assistance of our friendly, knowledgeable, and experienced elder law team.
