Asset Preservation - Lifetime Asset Protection Trust If single or a widow/widower, can't hold property as tenants in common Options of paying for care, gifting assets or purchasing care annuity – not attractive Can transfer assets into a Trust –Trust is a separate legal entity –Trustees hold assets for benefit of beneficiaries –Assets held in trust protected from personal liabilities of the Trust beneficiary –Can preserve right to occupy property –Could still be caught by deprivation of assets rules
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