Saturday, November 16, 2013
The American Law Institute Continuing Legal Education (ALI CLE) is sponsoring a CLE entitled, Asset Protection for the Middle Class: Using Income Only Trusts for True Asset Protection, on Tuesday, November 19, 2013 at 12:00 -1:30 Eastern Time. Provided below is a description of the event:
Income only trusts should be in the arsenal of every estate planning attorney, asset protection attorney, and elder law attorney, regardless of the client's level of wealth.
Join esteemed elder law attorneys Evan H. Farr and Richard Hughes for this 90- minute CLE program on modern asset protection using the income only trust, which will focus on why and how the income only trust works.
This cutting edge program will examine:
- why and how a properly-drafted income only trust can protect the assets of clients from probate, lawsuits, and long-term care expenses
- why assets in a properly-drafted income only trust are exempt for Medicaid purposes when clients find themselves needing nursing home care
- how to create a variation of the income only trust that makes assets exempt for veterans wishing to obtain the Veterans Aid and Attendance Special Pension benefit
- whether the settlor can act as trustee of the trust, even though the trust is irrevocable
- how a properly-drafted income only trust can be used by wealthy clients who want to preserve their wealth and, more importantly, by middle class clients who want to preserve their dignity and quality of life when assisted living or nursing home care becomes a reality