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Asset Protection Attorney in a Long-Term Care Context

asset protection attorney
asset protection attorney

Asset protection planning can be overwhelming, but you don’t need to navigate it alone. An experienced asset protection attorney can help you find solutions and provide peace of mind for your future financial plan. 

What is Asset Protection Planning?

Asset protection is a financial planning tool to protect your assets from creditor claims, lawsuits, or other liabilities and create shielding measures such as corporate structures, asset protection trusts, and retirement plans.

What does Asset Protection Planning Accomplish in a Long Term Care Context?

You have worked hard for your assets, you should be able to keep and protect them! Without adequate planning, you may be at risk of losing your hard-earned assets. Fortunately, we can assist with discussing an Asset Protection plan to avoid potential financial misfortune. Simply put, an Asset Protection Plan accomplishes three main goals:

  1. An Asset Protection Estate Plan protects you and your spouse from lawsuits, creditors, long-term care costs, predators, and others looking to seize a portion of your assets while you are alive.
  2. Your plan must protect the recipients of your inheritance against a variety of threats after you are gone.
  3. Finally, An Asset Protection Plan may legally and ethically avoid federal estate inclusion.

The use of Asset Protection has continued to increase in Florida. Rather than simply giving assets away to qualify for Medicaid coverage, an attorney can develop a plan that can protect your assets for you to use today and someday be passed to your loved ones.

As such, there are a few main considerations when conducting Asset Protection Planning including what are your assets and what are you trying to accomplish when protecting your assets? "Assets" cover a wide variety of items such as an ownership interest in a Florida business, a Florida rental property, personal property such as a collectible, funds in a bank account, an investment account, as well as other items.

Why do I need an Asset Protection Plan?

An Asset Protection Plan will create a comprehensive financial strategy to legally safeguard your assets, provide for your children's and perhaps grandchildren's futures, and shield you from stressful creditor claims.

When Should I create an Asset Protection Plan?

Like any plan, the sooner you begin the planning process, the better! When we have ample time to prepare, we have the best ability to protect and preserve your wealth. That being said, it's never too late to plan. 

What Steps Should I take to Protect My Assets?

  1. Consider your future and financial plans.
  2. Gather asset documents including housing deeds, bank statements, and investment statements. An Asset Protection Attorney may request additional documents after reviewing your case and determining the best-personalized course of action.
  3. Work with an Asset Protection Attorney to determine what assets to place into legal tools including a trust and establish who you would like to be a trustee.
  4. An Asset Protection Attorney will cover a range of items including the following:

- Acquire Homeowners or auto insurance policies

- Launch a limited liability company (LLC) or corporation.

- Set up a life insurance trust to protect the cash value of your life insurance policy.

- Create an asset protection trust.

5. Consider who will be your trustee and beneficiaries.

6. Determine how to fund the trust.

What is a Life Insurance Trust?

A life insurance trust is another legal tool to protect your assets. A life insurance trust is an irrevocable trust with a life insurance policy as the asset where the person that creates the trust exempts assets from his or her taxable estate. As such, the person that is insured does not own the life insurance policy, but rather it is managed by the trustee on behalf of the beneficiaries when the insured person passes away.

What is a Medicaid Asset Protection Trust?

An Asset Protection Trust holds your assets to protect them from creditors and offer protection in the event of a lawsuit or judgment against your estate. While an Asset Protection Trust is a good way to safeguard your assets, it is a highly complex financial tool and should be developed by a specialized attorney.

Why Do I Need A Medicaid Asset Protection Attorney?

It is very important to have an attorney that is specialized in Asset Protection. An estate planning attorney is hyper-focused on estate planning including asset protection. We can help you - our plans will provide the legal mechanisms to protect your assets and assist with paying for prescriptions, expensive medical care, home health care (home health aides), ALF bills, and nursing home bills. For those who are disabled or over age 65. We can create the tools to provide for your financial future and protect the assets you've worked hard to acquire.

Consultant with an Experienced Florida Asset Protection Attorney Today 

Asset protection can be a complicated and stressful process to navigate alone. Working with an experienced asset protection attorney is a worthwhile decision when determining what you need to set up for your future. For further guidance, consult with an experienced estate planning attorney today.

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Frequently Asked Questions

What does an asset protection attorney do?
An asset protection attorney is a lawyer who helps their clients conduct the necessary steps to protect their assets in the event of their death or incapacity.
How do I protect my assets from nursing home expenses?
Working with a Medicaid planning attorney to create the proper trusts, will help protect your assets when it comes time to pay for nursing home or assisted living facility expenses.
What is the best trust for asset protection?
The best trust to protect your assets will depend on your particular situation. An asset protection attorney will be able to discuss the different options (such as a spendthrift trust and a revocable living trust) and determine what is the best plan to protect your assets.
Jason Neufeld is the author of the

Florida Medicaid
Planning Book

How to Get Medicaid to Pay for Some or All of Your Long-Term Care Expenses:Without having to wait 5 years | without having to sell your house | without have to go broke first! (a Florida Medicaid Lawyer's Guide For Non-Lawyers)


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