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.

Client maintenance programs can be a boon to any business that’s providing professional or legal services to its clients. Not only are they a great way to generate a substantial and reliable base income for your elder law practice, they also enhance and improve the client/attorney relationship.

In general, a client maintenance program is an agreement through which a client prepays an annual fee in exchange for anytime access to certain services. For example, your firm’s client maintenance program could include free phone calls, emails, a pre-set amount of face-to-face meetings each year, or an annual meeting to review existing documents. It may also include a free meeting with a successor trustee in the event of your client’s illness or death.

Your clients will quickly realize the value in such a program. Offering this type of constant accessibility and support will build trust with your clients and enable you to better understand their needs. It will also allow you to identify opportunities to offer them additional services.

Allowing your clients to contact you or one of your colleagues when they have questions or needs, underscores the value of the services you provide.