Elder law in Montana is one of the most complex ones. Trusts can be the most intimidating part of elder law practice in the state. Elders in Montana are eligible for setting up different types of trusts. If you are confused about which type of trust you should set up or are eligible for setting up, our experienced elder trust attorney will provide you with the right legal advice in this regard. Our elder trust attorneys help the seniors in setting up a trust for their long-term care at home, in nursing home, or at an assisted living facility.
Some of the trusts that are available to the elderly are:
Medicaid Asset Protection Trust
A Medicaid Asset Protection Trust is one of the most used ones by seniors in Montana. The trust offers the clients an alternative to the more expensive long-term care insurance as it qualifies them for Medicaid while still protecting their assets. Our elder trust attorney will also help you with the tax benefits associated with the trust by simply gifting the assets to your loved ones, and waiting for them to be spent down to make them eligible for Medicaid coverage. By placing your assets in the Medicaid Asset Protection Trust, our elder trust attorney will help remove the tax liability at the time of the transfer of assets, which will also receive a regular step-up at the time of the passing away of the grantor.
Medicaid Family Protection Trust
This strategy is particularly suited for the clients who want to protect their own assets, and those of their children or beneficiaries, from falling into unintended hands. This irrevocable trust protects the client’s assets from creditors. While the clients may not be willing to discuss about negative scenarios, such as long-term care and the end of life decisions, our experienced elder law attorney in Missoula will work to provide protection of your assets if the need for Medicare coverage arises for the elderly.
Veterans Asset Protection Trust
This is a beneficial option for the clients who are a wartime veterans, or who are surviving spouses of the wartime warriors. The key benefit of the trust is that it allows the clients to put their biggest asset to use, even if it is sold. The veteran acts as a grantor in the trust and the children are beneficiaries. Should you need Medicaid for more than five years after the establishment of the trust and its funding, the sum of the money, or the property set aside for generating income for a beneficiary would not be considered a countable asset when applying for Medicaid. The trust has the same tax benefits as the Medicaid Asset Protection Trust, and is best suited for Medicaid environments.
Parental Protection Trust
The trust provides an alternative to the traditional irrevocable asset protection trust planning, and enables you to divest assets and give them to your children. The child can donate whatever funds they want for the benefit of their parents. Any assets in the trust are preserved until the death of the parents, and the remaining assets are distributed among the children. The clients can also integrate life insurance policies in certain cases with this trust.
Montana Elder Law firm provides its elder law attorney Missoula services for all aspects of elder law in Montana including estate planning, probate, and special needs planning. Our elder law attorneys are highly experienced with an in-depth knowledge of Montana elder law. We provide our highly competitive legal services across Butte, Helena Great Falls, Bozeman Missoula, and Kalispell, and Billings.