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.

We've given you a quick comparison of four types of asset protection trusts used in elder law, but we wanted to take it one step further and break down each type into more detail. The first trust we will cover is the most popular trust created in Elder Docx: the Medicaid Asset Protection Trust.

For elder law attorneys, the Medicaid Asset Protection Trust can be a complex asset protection trust to understand. While it has many benefits, there can also be some drawbacks, so it’s important to know when and why you might want to recommend this type of trust to your elder law clients.

While the Medicaid Asset Protection Trust is not for everyone, it can be an effective trust for protecting a family’s financial security in certain circumstances.

The different types of asset protection trusts which can be established for the elderly population can be confusing and overwhelming — not only for clients but even for elder law attorneys themselves. Particularly if you are a new elder law attorney, knowing which trust is right for your client can seem daunting.

But with some knowledge about these different types of trusts, you can glean the insight you need to properly advise your clients. In this article, we’ll take a look at four types of trusts — Medicaid Asset Protection Trusts, Medicaid Family Protection Trusts, Veterans Asset Protection Trusts, and Parental Protection Trusts — and when to use them.