Asset Protection Lancaster, PA
Bellomo & Associates, LLC
LANCASTER ASSET PROTECTION
Asset Protection is Perfectly Legal
When the idea of asset protection is raised, some immediately think of hiding money in secret locations to qualify for Medicaid. Though intentionally concealing assets for Medicaid eligibility is certainly against the law, a spend-down plan is legal. Do not make the mistake of attempting to craft your own spend-down plan. You need an experienced Lancaster elder law attorney on your side to evaluate your finances, determine when assets should be distributed to family members and minimize your tax burden. Our legal team understands the nuances of the laws relating to asset protection and public healthcare eligibility.
Why Asset Protection is so Important
Put your faith in our Lancaster estate planning team and we will do everything in our power to ensure your loved ones receive your money instead of a nursing home. However, asset protection is important for reasons beyond minimizing the cost of nursing home care. Senior citizens are commonly targeted simply because this age cohort tends to have a considerable amount of assets after a lifetime of labor. Overly-litigious parties, creditors and others have the potential to file a lawsuit against you or the senior in your life that proves financially devastating. Opt for asset protection planning spearheaded by our Lancaster legal team and you will rest easy knowing your savings and investments are not at risk. You won’t lose any sleep about a potential judgment or lawsuit leaving you broke.
An Asset Protection Plan Tailored to Your Unique Finances
If you are a senior citizen or have a loved one in his or her golden years, the time to start planning for nursing home care is now. You can’t do it all on your own. Asset planning requires the legal expertise of an elder law attorney. Otherwise, you run the risk of violating the law or failing to adequately protect the money you worked so hard to earn.
All of your assets must be considered before your idiosyncratic asset protection plan can be created. Furthermore, your assets must be spent-down or passed on to family members well ahead of the time at which you enter a nursing home. Fail to spend-down your assets within the guidelines of the law and you won’t qualify for Medicaid. Even if you are cleared for Medicaid after an illegal spend-down, there is a chance you will eventually be caught and punished. Our legal team is here to prevent this nightmare with a carefully crafted asset protection plan unique to your assets and timeline for nursing home care.
An Asset Protection Plan Tailored to Your Unique Finances
Examples of Asset Protection
If you are like most people, you spent 40-45 years in the workforce and/or inherited money from your parents. Most seniors do not qualify for Medicaid to pay for nursing home care and other medical assistance as they have too many assets. However, our attorneys can formulate a spend-down plan that qualifies you for Medicaid before you need nursing home care. This spend-down plan transfers your money to family members so your life savings are not spent on nursing home care.
As an example, clients can choose between deeding assets to adult offspring or a Medicaid Asset Protection Trust, commonly referred to as MAPT. Though deeds are typically more affordable, MAPT is favored as it allows for the capital gains exclusion. Meet with our legal team to determine the best strategy to protect your assets, minimize your taxes and ultimately help our family enjoy financial security.
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