There are many different kinds of Trusts available. Let us help you decide which one best suits your needs.
A Revocable Trust allows you to name the person who will manage your estate (the Trustee) both while you’re alive and after your death. The Trustee carries out the terms of the Trust as you have defined. You can be the initial Trustee of your Revocable Trust. These types of Trusts are commonly used for probate avoidance. They can also be used to create permanent estate plans in second marriage situations.
There are many types of Irrevocable Trusts. The most common Irrevocable Trust that we are asked to create is a Medicaid Asset Protection Trust. This is a Trust designed to shelter assets from the costs of long term care such as those associated with nursing homes.
Special Needs Trusts
Special Needs Trusts are created so that a disabled person can receive an inheritance without disrupting his or her public benefits. They can also be used to manage assets on behalf of a disabled person.
Miller Trusts can be created for Medicaid eligibility when the applicant’s monthly income exceeds the amount permitted by State law. Medicaid will inform the applicant when a Miller Trust is required. Unlike other Trusts, Miller Trusts are not considered Estate Planning tools but are solely used for the purpose of Medicaid qualification.
Contact the Law Office of Susan Pittard Weidman, P.A. for a consultation today. For more information, send us an email or call 302-539-1388 in Millville, 302-227-7788 in Rehoboth Beach and 302-934-3999 in Millsboro.