our attorney is suggesting forming two separate living trusts and making me the sole "owner" of mine, and the co-owner of my husband's. he says this is the best way to protect the assets so they can be used for my husband's care in the future but still protect my retirement needs as my trust would not be liable for any expenses of my husband's long term care needs, if that happens.
Does this sound right? The attorney is an estate planning attorney and I'm wondering if an elder law attorney would have a different suggestion.
JustThinking, I would proceed to an Elder Law Attorney before signing any trust instrument. In most States a Trust will be considered as countable assets if the trust is not irrevocable and also if you have control of how the assets are distributed. If you can control the money flow they will be counted.