The Elrod Firm

Asset Protection

Can A Trust Protect Assets?

Justin, My mom and dad created a trust about twelve years ago. Almost everything they own is titled in the name of that trust. That should mean their assets are safe even if they need long-term care one day, right?

Why Not Add My Daughter To My Account?

Justin, I want to add my daughter to my bank account so that she can write checks for me. When I visited a branch to do that, the banker I met with didn’t think it was a good idea, but I’m not sure why. Can you help clear this up for me?

How Do Death Beneficiary Forms Work?

Justin, My financial advisor has talked to me about the importance of keeping my accounts out of probate court. He said I can accomplish that using death beneficiary forms his company provides. Are there any details I should know about before going with that plan?

Is It Too Late To Protect Assets From Nursing Home Costs?

Justin, My mom has been living in a nursing home for the last half year, and she is depleting her savings at an alarming rate.   In six months she has spent over $35,000 on nursing home costs, and the spending is causing her tremendous anxiety.  She and my late father never spent a dime on themselves, and they saved all their lives.  Mom feels helpless now that her savings is getting eaten up so quickly.  Is it too late for her to hire an attorney to try to protect her home and savings?

How Can I Prepare For Long-term Care?

Melissa, I just read an article that says 70 percent of people over the age of 65 will need long-term care at some point. That’s a little bit terrifying to me. What can I do to be ready so I don’t lose everything trying to pay for it?

The Plan That Failed

Elbert and Florene were good people. Their story probably sounds pretty similar to the experiences of your own family. Elbert retired early from the power company because he saw too many friends die too soon after retirement. He wanted to enjoy at least a few good retirement years. As it turned out, he lived decades in retirement, and for most of those years, he stayed busier than when he worked.

Isn’t My Will Enough?

Justin, My daughter keeps telling me that I need to see an attorney to make sure my “affairs are in order” and I’m getting sick of it. Several years ago I signed a last will and testament. Shouldn’t that be enough to get her off my back?

Should I Use A Trust Department?

Justin, I heard you should name a trust department to serve as the trustee of your trust to wrap things up when you die. Isn’t that just added expense when my kids could do it for free?

What Is The Most Common Problem With An Old Trust Plan?

Justin, My name is Mike, and I am a long-time resident of Hot Springs Village. Before retiring, I had my attorney in Jonesboro setup a Revocable Living Trust for me. I had to go through probate court when my father died, and I wanted to ensure my children avoided that. I think my legal affairs are in order, but I need a specialist’s opinion for peace of mind. What is the most common problem you see with old trust plans?   Should I be worried?

How Can We Afford This Nursing Home?

Justin, My mom is currently in rehab at a nursing home, and her insurance is covering all the charges. But her care team told us yesterday that she will need to transfer to the long-term care unit soon. My dad still lives at home, and they don’t have enough to cover the nursing home costs and meet his expenses. I was told that Medicaid could help, but they would have to get down below $2,000. My dad will be broke! Do we have any other options?

Before you go...

Take some free reading material with you! One of these stories could hold the answers you’ve been looking for. You’ve got nothing to lose by grabbing a free copy.