A trust is an estate planning tool that allows people to transfer assets out of an individual's name, thereby protecting and shielding the assets. Trusts can be especially useful in times of crisis. For example, assets can be placed in trusts to keep them out of Medicaid's reach when a person is in need of home care or nursing home care.
A sudden accident or illness can completely devastate a family, emotionally and financially. However, getting an effective estate plan in place immediately after a crisis can help protect the needs of the loved one in crisis as well as the entire family.