Asset Protection Planning


Out of Time, Out of Money, Out of Options

Have you protected yourself and your hard earned money from the cost of nursing home care or other long term care needs?  How about creditor protection for you or your family?

The biggest fear of middle American modern seniors and baby boomers is running out of money.  We can help protect your money and stretch it so you don’t run out of money before you run out of breath.

Whether the “asset protection” is so “the nursing home doesn’t take it all”, protecting assets from your creditors and those of your family or avoiding estate taxes, asset protection is a key part of any Elder Law Estate Plan.  Our motto, “Out of time, out of money, out of options”.

Elder Law is a very broad area of law that encompasses all long term care and estate planning for boomers, seniors and their families.   Elder Law also encompasses legal areas such as:  Asset Protection, Pre-crisis planning, trust and estate Planning and long term care planning.

Simple Estate Planning will almost never address these important “lifetime” issues. Elder law attorneys focus on life issues such as planning for incapacity, asset protection, stretching assets to last a lifetime, long term care insurance as well as traditional estate planning issues such as wills, trusts, distribution, protecting heirs etc.

From Impoverishment to Empowerment: Asset Protection/Self Insurance Using Life Insurance, Annuities and Long Term Care Insurance

New Eldercare Strategies paying for Long Term Care Costs

Let’s face it.  Most of our families do not have enough money or insurance to care for their long term care needs.  Medicaid rules and laws are tightening and it doesn’t cover much until the patient is in a nursing home.  Our other source of funds is Veteran’s Benefits and most people are not entitled.

It is becoming harder and harder for elder law attorneys to provide good solutions for our clients with these problems and concerns.  Most people’s resources cannot stand a “worst case” scenario.  However, there is some good news!

Many people are uncomfortable with traditional long term care insurance because of the high premiums, chance of increase in premiums and the fact that they may never need the insurance and the premiums would go down the drain.

The Pension Protection Act of 2006 (amended in 2010) allows us to either add, purchase or exchange certain assets for long term care insurance money. These assets include Annuities, Life Insurance, IRA’s and 401ks.

These are called combo or hybrid policies.  Annuities or life insurance with a long term care insurance rider.  These policies typically have death benefits, cash surrender values and long term care benefits. Sales of these policies are surging but don’t wait because like all long term care insurance, once you develop a debilitating illness, you may be  disqualified from coverage.

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Please contact our office for a copy of our FREE BookDon’t Go Broke in a Nursing Home” Co-authored by Alice Reiter Feld for more information on these strategies or set an appointment to come in to talk.

Book: Don't Go Broke in a Nursing Home