When it comes to elder law, chances are that there are a few different questions that you might have. In order to help you with these possible questions and to help you think about some things that you have not yet thought about, we have taken the time to come up with some of the most common questions that legal professionals get.
Once I Create My Trust, Can I Change It?
It is possible to do so. There are two types of trust:
- Irrevocable trusts – While the name might suggest that these trusts are irrevocable, they are in fact not. Even with an irrevocable trust, it is possible that it might be revoked or changes be made with certain circumstances. It is always good to talk to a legal professional in this this situation.
- Revocable/amendable trusts – The creators of the trust are able to revoke, modify, or change these trusts.
When I Create A Living Trust, Am I Giving Up Control?
The truth is that you are not. Change of control only occurs upon legal incapacity or death with a traditional living trust. The living trust is distributed to the beneficiaries until death, and until that time you are in control.
How Can I Afford Long-Term Care?
There is no easy answer to this common question. It is impossible to make money appear out of nothing, which is why it is important that you start assessing and planning early. Look at what your resources are and what your needs are. There are a number of different factors that go into this:
- Whether you have help from your family.
- Your age and projected life expectancy.
- Options to have access to cash resources, including selling your life insurance policy, selling your home, reverse mortgages, and other financial considerations.
- Looking at your current situation and determining what type of care and facilities you are going to need.
- Cost of assisted living.
It is important to note that these are just a few examples. It is always a good idea to speak to elder law attorney to discuss your unique situation.