Estate Planning: Asset Protection in Michigan
When you hear the phrase “asset protection” you may not understand the meaning behind it. There are a lot of legal reasons why you need to take steps to protect your interests from potential threats. From keeping your assets from being taken to cover medical costs to ensuring your children receive their full inheritance, it is important to guard your assets from possible threats.
While serving as your asset protection law firm we will go over with you the options available to you. These include the creation of trusts or utilization of gifts along with other legal opportunities to keep your assets safe. If you have any questions about protecting your assets contact Grewal Law at 517-393-3000.
Planning in Advance
One area all families should plan for is the need for possible long-term care. The cost of having someone placed in a nursing home can be astronomical and your assets may be threatened in order to cover these expenses. Your asset protection lawyer will help you explore ways to pay for these expenditures.
Some options may be purchasing long-term care insurance or investigating reverse mortgages. It may be more advantageous for some families to create trusts or to gift some of their assets.Our team will explore all of the options in order to provide you with a personalized plan to meet your needs.
Sometimes advance planning is not possible or is not done earlier enough to protect your assets. In these cases, it may become necessary for you to apply for Medicaid. Medicaid is a joint federal and state program. In Michigan, your income, and assets will be considered when determining whether or not you are eligible to receive coverage.
Because there is a maximum allowance of assets a person and his or her spouse can have when receiving Medicaid it is important to protect your assets in advance. The state regulations regarding Medicaid eligibility could put your assets at risk of being taken in order to cover your medical expenses.
During the application process, a social worker from the Department of Health & Human Services will verify your current income and assets. There are certain expenses allowed from your income every month. Your attorney will go over these expenses to help you understand what portion of your income is already protected.
You may be wondering how you can protect your assets from potentially being taken in order to cover nursing home costs. There is a five-year look back period related to Medicaid, so you need to work with an estate planning attorney in advance to protect your assets.
In addition to planning early, the process must be legally protected. An individual can be penalized for moving around assets in an attempt to shield them from being viewed by the state. Our team can help you legally protect your assets and property from the threat of being taken.
If your loved one is entering into a nursing home immediately we can also handle your Medicaid Crisis Planning. There are ways to legally protect some assets in order to leave them for your family once you are gone, so do not wait call us today.
Protect Your Assets for the Future
We want you to be able to safeguard the assets you worked hard to earn over your life. Contact us to begin the planning process to shield your assets from being potentially taken to cover medical costs. We are ready to answer any of your questions and will create a custom plan based on your needs.
Call us for a no obligation quote at 517-393-3000.