With spring and Easter upon us, it may be worthwhile taking time to reassess the well known proverb, “Don’t put all your eggs in one basket.” New Hampshire recently enacted RSA 564-D, “Qualified Dispositions in Trust Act” commonly known as an asset protection trust. This statute enables individuals to retain more flexibility in the creation and maintenance of their trusts. Trusts created under this law are irrevocable. The transferor may enjoy the benefits of receiving income and principal distributions, has the option to replace trustees and trust advisors, and may retain veto power of actual or proposed investment decisions. Even with the transferor retaining these extraordinary powers the trust assets are protected from creditors.
Asset protection planning should also be considered in relation to the government’s vast powers to collect for medical expenses paid by Medicaid. If the government through Medicaid pays medical bills for you, the government has the right to recover those funds by liquidating your assets. Asset protection trusts can be used to protect your property from Medicaid.
The attorneys at Kalil & LaCount are here to discuss your trust and asset protection needs. Kalil & LaCount provides our clients with a comprehensive analysis of their particular situation and can recommend the best, most effective way to protect their assets.