Trusts
Asset protection: saving your house with a trust
For many middle class seniors, the house is one of their major assets – sometimes the most valuable asset. I’m often asked, “How do I save my house from being lost to nursing home costs?” The answer in many situations is through the use of an asset protection trust...
How to contest a revocable living trust in Pennsylvania
Most people know that a will made under dubious circumstances can be contested after the death of the person who signed it (or allegedly signed it). But these days, many people use revocable living trusts, instead of wills, to pass their estates to others (usually to...
Asset protection trust: when is the right time?
Readers of our blog know of the power of an asset protection trust in protecting the elderly’s assets from nursing home spend-down, scams, undue influence, creditors, and various other hazards people encounter in their senior years. This post addresses the question of...
Protecting assets from nursing home spend-down
$125,041. That is the average cost of one year of nursing care in Pennsylvania.[i] What will those costs do to a senior’s life savings in three years? Five years? How will your spouse survive financially? These are the questions that bring many of our clients to the...
#1 reason why trusts fail
A trust can have powerful effects – protecting assets from long term care costs, safeguarding an estate from loss due to unexpected events, preserving benefits for the disabled, saving probate and legal costs … the list goes on. But many trusts fail to work as...About Andrew Sykes
The founder of Sykes Elder Law, Andrew Sykes is recognized as a leading elder law authority in Western Pennsylvania. Mr. Sykes is the past chair of the Elder Law Committee of the Allegheny County Bar Association.