Medicaid lawyers assist you with getting qualified for Medicaid. Qualifying for Medicaid can sometimes be vital in order to protect your assets. When you work hard to acquire wealth and build a nest egg, you want to make sure that your money is protected and is able to be passed on to the people that you love. As you get older, there are more risks to your wealth, so you need to work with a compassionate and knowledgeable legal professional to get an asset protection plan in place.
Unsworth LaPlante, PLLC has provided assistance to many clients in making an asset protection plan they need to keep their wealth safe during the aging process. If you want to find out more about why asset protection planning is important as you get older, or if you want personalized help determining if you need a plan and what your asset protection should entail, you should give us a call today.
Why is Asset Protection Important as You Age?
When you get older, there is a greater chance that you could pass away and there is a greater chance that you could become unable to care for yourself and thus would be forced to move into a nursing home or get aides to help you at your home.
The chances that you will need nursing home care rise substantially as a senior. In fact, as the Wall Street Journal reports, if you have reached the age of 65, you now have a 40 percent chance you will need to move to a nursing home and you have a 20 percent chance of needing to remain in the nursing home for at least a period of five years.
The rising chance that you will require nursing home care as you get older is a key reason why asset protection becomes so vital. If you have to pay for a nursing home out of pocket, the costs total several thousands of dollars every single month. You could quickly spend all that you have worked so hard to save by paying the costs of your nursing home care out of your own pocket. Unfortunately, Medicare and private insurance won’t cover routine nursing home care so there is a very substantial chance that your assets are at risk unless you have worked with an experienced attorney to make plans to protect your wealth and get the means-tested Medicaid program to pay for nursing home care.
The potential for loss of assets due to high nursing home bills is just one big risk that you face as you get older. You could also be at increased risk of becoming incapacitated and facing the loss of assets while no one is in charge of managing your wealth until your loved ones go to court and have a guardian or conservator named. If the court appoints the wrong guardian or conservator, then the risk of mismanagement or neglectful management of your assets continues and the likelihood of loss is high.
There is also a risk of loss after your death. Your wealth could be lost if your estate owes a high estate tax bill, or if you have irresponsible heirs or beneficiaries who won’t know how to manage their inheritance. The costs of probate could also result in a decline in the value of your wealth, especially if the probate process takes a long time because problems arise such as a will contest or missing assets.
How can Medicaid Lawyers Assist With Your Asset Protection Planning?
Medicaid lawyers at Unsworth LaPlante, PLLC can provide the assistance that you need to evaluate the risks to your assets as you age and to make a plan that will protect your wealth. Our firm has helped many clients to make effective use of legal tools to secure their nest egg and to protect the assets they have worked so hard to acquire so those assets can serve as their legacy.
To find out more about how our compassionate and knowledgeable legal team can assist you, join us for a free seminar. You can also give us a call at (802) 879-7133 or contact us online to get started on making your personalized asset protection that is right for your age and life circumstances. Call now to get your plans underway — don’t wait until something happens to you and it is too late.
Latest posts by Stephen Unsworth (see all)
- Can an Irrevocable Trust Be Changed? - March 25, 2019
- Estate Planning for Family Owned Businesses and Farms - March 18, 2019
- What Are the Responsibilities of the Probate Court? - March 6, 2019