How can I protect my assets during my lifetime?

One way to protect your assets during your lifetime in Texas is through Elder Law. In Elder Law, a person creates a legal document called a trust, which will help protect their assets from long-term care costs and other expenses. Trusts can help make sure the assets that you have worked hard to acquire are not taken away due to medical or other costs that come with aging. It is important to understand that a trust is a separate legal entity, and the assets within it are not considered the property of the trust creator. This means that when it comes time to qualify for Medicaid or other long-term care benefits, the assets within the trust should not be counted as part of the person’s assets. When setting up a trust, it is important to make sure that it is a specialized trust that meets the requirements of the particular state in which you live. In Texas, a trust must be set up with a qualified attorney and meet the requirements set forth in the Texas Estates Code. Additionally, you should also make sure that the trust is properly funded with your assets, and the trust must be managed properly to ensure that your assets are protected. By setting up a trust and following the legal requirements, you can protect your assets during your lifetime, and help make sure that your loved ones are taken care of once you are gone.

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How can I protect my assets during my lifetime?

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