CT Trust Attorney – Significance of Trusts
Creating a secure plan with the assistance of a CT trust attorney for your family’s future can bring you the peace of mind that you crave. Knowing your family home and other assets are protected gives you a sense of security in your later years. You and your spouse can still enjoy your property for many years to come without worrying about what will happen in the future. When the time comes, your home can be given to your family without hassle.
Trust Attorney in Connecticut
At Allaire Elder Law, Stephen O Allaire is a CT Trust Attorney who provides experienced legal counsel for senior citizens interested in creating trusts in Connecticut. We can assist you in facing your concerns about long-term health care, whether it is in a nursing home or in your family home. We are skilled and experienced in the creation of trusts in Connecticut, which can help you to qualify for Medicaid benefits without decreasing your quality of life or standard of living.
Our qualified CT Trust Attorney can assist you with any of the following types of trusts:
A living trust offers the grantor the ability to transfer property to a trustee while they are still living. After the grantor’s death, the trustee can have the property transferred without having to deal with the expense and hassle associated with probate court.
An Irrevocable trust is a permanent entity which is designed specifically to protect your assets and avoid losing a portion of your estate to probate. This trust allows the transfer of assets from the grantor to a trustee. This transfer can protect your assets from being counted as part of Medicaid ineligibility, provided the look back period has passed.
Pooled Asset Trusts.
A pooled asset trust is a tool often used by senior citizens to qualify for public benefits, such as Medicaid, without having to deplete assets totally. Pooled trusts are only available in some states and can be very difficult to understand.
Revocable trusts are different than irrevocable trusts because they can be changed or cancelled by the grantor.
The Deficit Reduction Act, created by Congress in February 2006, made changes to the way a senior qualifies for Medicaid. This act established what is known as a look-back period. This waiting period allows Medicaid to examine your finances over the past five years. Since the creation of this act, people who hope to qualify for Medicaid have to think five years ahead. Seniors who suffer from a chronic illness have to plan and transfer their assets at least five years before they need Medicaid in order to qualify.
Special Needs Trusts in Connecticut
Our special needs trust attorney in Connecticut can create a trust for a disabled child or adult without minimizing any benefits eligibility. In many cases, when a person receives government benefits, such as Social Security or Medicaid, gifts or inheritances that they receive can reduce or even eliminate any eligibility for these benefits.
Since there are specific rules to creating special needs trusts in Connecticut, you need the assistance of an attorney that specializes in these delicate issues. If the disabled beneficiary directly receives proceeds from an inheritance or gifts, he or she may lose all eligibility for government benefits. Any proceeds or assets need to be placed directly into a special needs trust in Connecticut to be properly utilized.
To find out more about how tools like wills and trusts in Connecticut can benefit you, contact our elder law attorney in Bristol, CT today.
At Allaire Elder Law, we help our clients develop trusts in Connecticut. Amoung the towns we proudly serve are Bristol, New Britain, Canton, Farmington, Plymouth, Harwinton, Litchfield, West Hartford, Simsbury, Winsted, Barkhamsted, Wolcott, Thomaston, Watertown, Cheshire, Meriden, Plainville and Newington, CT.