Asset Protection Planning
Introduction to Asset Preservation
Elder Law and Asset Protection Plans often come into play when a disability or catastrophic illness strikes. You and your family may find yourselves dealing with a family member's admission to an assisted living facility, nursing home, or long term care facility... none of which is covered by health insurance or Medicare.
The cost for this type of care is often too expensive to pay out of pocket and will require applying for Medicaid. In order to qualify for Medicaid, a person needs to deplete their assets down to the last $2,000. This means selling the house, cashing out the retirement plans, draining the bank accounts and selling most possessions.
If this individual had taken the time in the past, while they were healthy, to create an asset protection plan with the help of an asset protection attorney; it would be a different scenario. They could shield their home, savings and other assets from Medicaid's process through perfectly legal means.
With that being said, please don't forget, assisted living, nursing homes and long term care are not the only options when you're in this situation. Home healthcare agencies offer round-the-clock care in the privacy of the individual's home at a lower cost and family members may also qualify as caregivers.
How We Can Help with Your Asset Protection Planning
Protecting assets from future financial challenges isn't just for rich people. Fred Jacob is an elder law and asset protection lawyer who has spent the past 40 years helping people in South Jersey with their elder law challenges. He can help you get your financial planning in order and recommend the best possible approach for protecting everything you own.
To schedule a consultation with Fred Jacob call 856-825-0700.
The information presented is intended to provide a broad and general introduction to the topic specified, and is not intended as legal advice. Every legal case is unique and this information may not apply to you. You should not rely on it exclusively. There is no substitute for legal advice, one-on-one, from attorney to client and you should have a consultation with a licensed attorney if you want to know your legal rights.