What You Should Know About Protecting Your Assets In Pennsylvania
You and your family have spent a lifetime building up your savings. You want your investments, business or assets to remain within your family or act as a potential retirement plan. If you and your family have assets that you wish to protect from potential long-term care costs, your first order of business is to speak with a qualified estate planning lawyer.
At Kreisher Marshall & Associates, LLC, we have the experience, understanding and skill to determine what you wish to protect and how to protect it. For over four decades, our firm has helped the people of central Pennsylvania in regard to estate planning. With our representation, you can protect your assets against any potential catastrophe.
How Can An Experienced Attorney Help Me Protect My Assets?
Asset protection, like estate planning and elder law, depends greatly upon your current circumstances. Some of the more common questions to consider when protecting your assets include:
- Are there sizeable real estate investments in your family’s name?
- What, if any, legal proceedings are you currently involved in?
- Do you own your own business?
- How much equity do you own?
- What are your family dynamics?
- What is your current health?
Asset protection involves an assessment of your present fiscal circumstances, the risk potential your assets may face and a strategy to address these factors. Depending on the specifics of your estate, there are a wide variety of options that your asset protection attorney may suggest. Only a qualified asset protection attorney can give you a clear picture of what options suit your particular situation.
Affording Long-Term Care: What To Know
Long-term care such as affordable living facilities and nursing homes are immensely expensive. Medicare pays for up to 100 days of nursing home care. The rest of the funding for long-term care must come from private assets, Medicaid or long-term care insurance. Paying out of pocket for a nursing home can drain hundreds of thousands of dollars a year. One common option to qualify for Medicaid is to place assets into an irrevocable trust in your estate plan so that they do not count as income.
Get Asset Protection Representation You Can Trust
Don’t wait for your assets to come under fire before taking the appropriate steps to protect them. Insuring them now is an investment in your family’s future. Call our Bloomsburg law office at 570-798-1084 or send us an email to schedule a consultation today.