Generational differences play a big part in the construction of estate planning strategies, as well as how attorneys should communicate the importance of those strategies to potential clients. In regards to younger generations, much has already been said about Millennials. But, quietly emerging into the marketplace is another demographic—Generation Z. If estate planners are going to continue to evolve their practices in terms of marketing their services to potential clients, then learning about this generation is key.

The Medicaid Family Protection Trust is an option that should be considered for elder law clients that are interested in protecting not only their own assets, but those of their children or other beneficiaries from falling into unintended hands. It is an irrevocable trust that can shield clients’ assets from creditors or anyone that may attempt to obtain assets in the event of an unpleasant family situation, for example. Then, the assets are passed in further trusts after the grantor’s death, to keep the assets in a protected status. Some scenarios where this would be beneficial include a child’s divorce where an ex-spouse is attempting to get to family assets, or in the event that a biological child or legal dependent may be in a bad debt or even an addiction situation, which would put the parental assets at risk.

Essentially, the Medicaid Family Protection Trust includes some of the same benefits of a Medicaid Asset Protection Trust but provides added asset protection. This trust is also appropriate for Medicaid planning.

WealthCounsel member lawyers have shared that, while their clients aren’t always ready to talk about Medicaid or the future need for long-term care, they are willing to talk about asset protection for their family and the ability to protect assets from any creditors that could threaten their legacy. The Medicaid Family Protection Trust also provides protection of assets should the need for Medicaid arise.

Law itself is a demanding industry. It requires practitioners to constantly keep abreast with, and adapt to, legislative changes. It demands a keen eye with an attention to detail, as well as the ability to see how strategic plans fit within clients larger estate planning goals. Unlike other businesses, attorneys have strict advertising ethical guidelines to adhere to, hampering their ability to advocate for their services and compete with cheaper do-it-yourself legal solutions.