An effective family asset protection plan is to transfer assets to an irrevocable trust. In the trust, you can preserve property tax benefits for the home-place, minimize income taxes at death, provide for asset management due to incapacity, and allow for Nursing Home Medicaid or VA eligibility.
The primary requirements are (1) that the parent is comfortable with relinquishing control, and (2) the successive generation (children) are responsible, trusting, and independent.
Bryson Law Firm: Suwanee, Georgia. Attorney Richard Bryson has over 15 years experience with estate law, elder law, estate planning, probate avoidance, wills and trusts, tax planning, asset protection, personal injury and business formation. Contact our Gwinnett County law firm at 404-909-8842.