Asset Protection Planning
We are dedicated to helping you protect assets
We understand our client’s desires to protect their family home, multi-generational family farm, home they purchased with or for their adult children, and other assets that are important to them. Public benefit programs have strict asset limitations for eligibility or tax implications may arise. During your initial consultation, Ms. Armstrong can explain the rules and potential penalties for exceeding them. Ms. Armstrong can discuss potential asset protection strategies that may be available to your family.
Asset Protection Trusts can be a valuable tool in elder law. By transferring ownership of the farm, house, or investment account to an irrevocable trust, the assets are no longer considered directly owned by the client, potentially improving benefit eligibility.
Strategic gifting of farm assets to children or other qualified recipients can be an option, but there are strict rules regarding timing and potential penalties for gifts made within a certain timeframe before applying for Medicaid. Ms. Armstrong can advise on the legality and potential risks involved in such transfers.
Planning ahead is crucial for asset protection; there are specific rules and a waiting period associated with these trusts. The sooner you start, the more you can preserve. Even if you are too late for traditional asset protection planning, a Medicaid Crisis Care Plan or Division of Assets may be an option for you or your loved one.
Asset protection could also mean exploring alternatives to nursing homes or public benefits. Staying in one’s home for as long as possible may be a priority. Generations can provide alternative options like in-home care services or modifications to the home to improve accessibility, potentially delaying the need for a nursing home and the associated Medicaid spend-down requirements.
Medicaid & Long-Term Care Planning
Estate Planning
