Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
<If one gets a major illness, how can we protect our savings-net worth for other?>

DH and I consulted with an elder care/asset protection attorney in our state. We now have 3 trusts set up—one with our real estate assets (technically we no longer own our real estate, our son is the trustee), and a testamentary (special needs)trust for each of us. This leaves our retirement accounts that must be spent down, but if one spouse passes, their remaining assets go into a trust for the surviving spouse. We had to separate our assets into “his” and “mine”, and I believe there is a 5 year look back for Medicare/Medicaid purposes. Our goal was to allow the surviving spouse to retain assets so that the government didn’t get them.

DH and I are in our early 60’s; a 78 year old couple in the OP will not have time on their side.

It’s a complicated and expensive process, but we felt that this was the best decision for our asset protection.

Isewquilts2
Print the post  

Announcements

When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement