Asset Preservation Planning

Plan for the possibility of long-term care…

Asset Protection

Elder Law Associates PA attorneys will help your family plan for the possibility that a family member may need long term care by recommending an Asset Protection strategy to meet the costs of long term care while preserving your assets. Our attorneys will guide you through a 4-step process.

Step 1— Information Gathering

During your planning session, which may be in person or via phone conference, our attorneys will gather information from you regarding your (and if applicable, your spouse's) health, finances and family objectives.

Based on the information, we will create a plan tailored specifically to you and your situation. The plan reviews in detail the options available to you to finance long term care. During this stage, we review with you Medicaid Law and explain how your assets will be counted for Medicaid eligibility purposes. We will also review any financial transfers affected by the 'look-back' period and the impact to you.

Step 2 Analysis

Based on your individual situation, our attorneys will evaluate certain asset protection tools, including:

  • right of spousal refusal;
  • disinheriting an ill spouse; and
  • commencing a gift-back program.

Our attorneys will assess all Medicaid options available to you and determine the amount of resources you are entitled to retain under Medicaid standards. We will also review the benefits and income you would be entitled to if you apply for Medicaid benefits.

Step 3 Recommendations

The primary objective of the plan is to protect your hard-earned assets. Of course, we will also take into consideration the income tax consequences as well as the estate and gift tax consequences of any recommendations. We will create a strategy to protect your assets from the costs of long term care.

Each situation is different, but recommendations may include:

  • gifting programs;
  • funding certain trusts; and
  • deed transfers

Step 4 Implementation

Once we have presented the plan and our recommended strategy, we will help you implement the plan by drafting the appropriate legal documents, completing and submitting a Medicaid application, if appropriate, and working together with you and your other professional advisors.

How an Elder Law Associates PA Attorney Can Help

Our experienced attorneys will:

  • Protect assets from estate taxes and the cost of long term care
  • Assist you with application for Medicaid and SSI benefits
  • Recommend asset protection tools, i.e., Right of Spousal Refusal; commencing a gift-back program
  • Analyze tax consequences
  • Draft appropriate legal documents
  • Complete and submit a Medicaid application, if appropriate

We provide Asset Preservation Planning services to the following cities/municipalities and the surrounding communities in South Florida.