Are you confused about trusts and how they can be used to protect your assets and qualify for benefits? In this episode, I had the pleasure of speaking with Greg McIntyre, an elder law attorney who uses a coffee cup to explain the concept of trusts.
Greg starts by showing a revocable living trust, which allows the trust creator to place assets within it and still be in control of the trust. He then explains a protective trust, which allows the trust creator to protect their assets and still be the lifetime income beneficiary. He also talks about an irrevocable trust, which is like a safe that locks and requires a trustee to manage the assets.
But what if you want the best of both worlds? Greg explains how a convertible trust can be used to switch from a revocable living trust to an irrevocable trust when needed.
Throughout the episode, Greg emphasizes the importance of estate planning and how McIntyre Elder Law can help you with your estate planning needs. He even offers a free consultation for those interested.
As Greg says, "It's not about how much money you have, it's about how much you keep." So, if you want to learn more about trusts and how they can help you protect your assets, tune in to this episode.
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