Would a revocable living trust provide protection for my assets?
I hear this question a lot, and then also I think there's a general misunderstanding that a revocable living trust ... that's a trust where you still have control over all your assets and a trust that is intended to avoid probate, may somehow protect you from a nursing home spend down. This is not true. A revocable living trust will not protect your assets. You need to consider other types of asset protection planning if you are concerned about a long-term illness eating up what you have earned during your lifetime.