Asset Protection
If you are concerned that a long-term illness may wipe out in months what it took you a lifetime to save, you may be surprised and comforted to learn that you have many very good options.
The primary financial support for Americans who need long term care and are 65 and older is Medicaid. However, many may incorrectly assume that they will have to deplete all of their assets, including savings, investments, and any inheritance they have saved for their children, before qualifying for Medicaid. Indeed, some may infer that Medicaid planning is against the intent of the law and that to plan to preserve assets or maximize income savings would be immoral or unethical.
These conclusions, while understandable, are incorrect. For example, the government has specifically provided various “safe harbors” in the law. These legal options are not generally known and would not be implemented by Medicaid caseworkers without a proper legal claim to them. As a result, without guidance many may be putting themselves in a worse position than they need to be under the law.
Obtain the Care You Need!
Despite the many confusing changes to the Medicaid laws in recent years, the government is still concerned with the support and benefit of the elderly and their families. The government is not our enemy – ignorance is our enemy. With proper education and guidance it is still possible to provide a high level of care for the disabled and aging population while preserving most, if not all, of the assets you have worked for a lifetime to save. Trust the experts at Heritage Elder Law & Planning to preserve your assets and help you to obtain the care you need for you or your loved one.
