DETROIT, MICHIGAN – 10-01-2018 (PRDistribution.com) — The Castle Trust ™ can protect families from the devastasting cost of long-term care.  These days nursing home care can run $8,000-$12,000 per month.  There are limited ways to pay for long-term care, but with a Castle Trust, asset protection trust families can shelter and protect their hard-earned assets.

With a Castle Trust, you can:

  • Avoid Probate
  • Provide Asset Protection for Your Children
  • Provide Asset Protection for You
  • Protect Against Long-term Care Costs
  • Protect Against Lawsuits
  • Avoid Trustee Problems
  • Protect Against Market Risk
  • Leave a Legacy for the Next Generation

The biggest difference between the traditional Revocable Living Trust (RLT) and the Castle Trust is that the Castle Trust can protect your assets from creditors and nursing homes.The Castle Trust is a modern form of irrevocable trust that allows you to change beneficiaries, change trustees and get assets back into your name at any time.
The Castle Trust income is taxed to the owner. Assets in the Castle Trust are tax neutral and get, essentially, the same tax treatment as if the Grantor did not put the assets in the Castle Trust. This also means that a Castle Trust will not avoid estate taxes; HOWEVER, the federal estate tax only applies to estates greater than $11 million , which is less than .5% of all estates. The Castle Trust assets gets no different capital gain, income or gift tax consequence than if the Grantor was still the owner at death which means the death beneficiaries retain the ability to get a step-up in tax basis.Certified Elder Law Attorney, Christopher J. Berry, Esq., CELA comments on the trust, “The Castle Trust is the modern asset protection trust.  In the past, people were concerned about estate taxes.  Not anymore, now it’s long-term care costs…and the Castle Trust answers that modern dilemma.”
Perhaps the strongest reason to create a Castle Trust is its great flexibility to meet a wide range of needs. With a Castle Trust you can maintain control of your assets (unlike outright transfers of assets to a child or to an Irrevocable Trust), while at the same time protecting your assets from probate (unlike wills) and from creditors and nursing homes (unlike Revocable Living Trusts).

Media Contacts:

Company Name: The Elder Care Firm
Full Name: Christopher J. Berry
Phone:
Email Address: Send Email
Website: www.MichiganEstatePlanning.com

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