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<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.

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