Asset Protection
Planning
Plan Your
Legacy
with Confidence
Asset Protection Planning takes a holistic approach to safeguarding your wealth and minimizing tax liabilities. Our experienced attorneys specialize in developing personalized strategies to minimize income, estate, and inheritance taxes, allowing you to retain more of your assets for future generations. We carefully analyze your financial situation and objectives to create a tailored plan that maximizes tax efficiency while maintaining compliance with relevant laws and regulations.
Asset Protection Planning goes beyond tax optimization. We also take into consideration potential eligibility for government benefits in the future. By strategically structuring your assets, we can help you maintain eligibility for public benefits, such as Medicaid, while preserving your wealth. This is particularly crucial when planning for seniors with health needs, as it ensures that their eligibility for essential government assistance remains intact.
Live in your Home for as Long as Possible
Guarantee the Quality of your Care
Preserve your Legacy and Wealth
Planning for the
Future
The Importance of Asset Protection Planning
$27.00
National hourly cost for a Home Health Aide in 2021
$54,000
$108,405
Annual National Median cost for a Nursing Home Private Room in 2021
Long-Term Care Costs are a Significant Financial Risk to your Estate as you Approach your Retirement Age.
Asset Protection Planning Offers Strategies to Protect your Estate from the Looming Threat of Long-Term Care Costs.
As you approach retirement age, the need for long-term care becomes a more tangible concern. Whether it’s assisted living, nursing homes, or home care services, the costs associated with long-term care can be overwhelming and put your traditional estate plan at risk. Without proper planning, these expenses can quickly deplete your assets, leaving little to pass on to your family and beneficiaries.
Don’t let long-term care costs jeopardize your estate and hinder your ability to pass on your livelihood to those you wish to benefit. Contact us to schedule a consultation and discover how our expert attorneys can help you create a bulletproof asset protection estate plan tailored to your needs.
Trust-Based Planning
We can establish various types of trusts, such as irrevocable Medicaid trusts and special needs trusts, to safeguard your assets while still potentially qualifying for Medicaid benefits.
Gifting Strategies
Long-Term Care Insurance
We can advise you on the benefits of long-term care insurance, which can provide financial support for long-term care expenses without depleting your estate.
Estate Tax Planning
Our team can also help you minimize estate taxes, ensuring that more of your wealth is preserved for your loved ones’ future.
The Power of Protection
The Asset Protecting
Power of
Attorney
When it comes to safeguarding your hard-earned assets and securing your financial future, proactively planning is essential. One of the most powerful pre-planning tools you should consider is an Asset Protecting Power of Attorney. This invaluable legal instrument empowers you to take charge of your financial destiny, ensuring that your estate is shielded from potential risks and vulnerabilities.
At Luschas, Naparsteck & Crane, LLP, we recognize the significance of an Asset Protecting Power of Attorney in fortifying your financial security. Our team of experienced attorneys is dedicated to crafting personalized and robust plans that align with your unique needs and aspirations for the future.
Unlimited Gifting Provisions
Strategically reposition assets to qualify for government benefits, such as medicaid
The Power of an Asset Protecting Power of Attorney
An Asset Protection Power of Attorney (POA) is a powerful legal document that grants authority to a person of your choice to make crucial financial decisions on your behalf. This designated individual, known as your agent or attorney-in-fact, steps in to manage your finances if you become physically or cognitively impaired and are unable to communicate your wishes effectively. By appointing a trusted agent with an Asset Protection Power of Attorney, you ensure that your financial affairs remain in capable hands even in challenging circumstances, such as during a stroke, Alzheimer’s, or other incapacitating conditions.
One of the most significant advantages of having an Asset Protection Power of Attorney is the ability you give your Agent to engage in immediate eligibility long-term care planning during a challenging and financially risky health crisis. Without this legal authorization, accessing certain long-term care benefits and planning options can be significantly delayed, potentially leading to excessive costs and financial strain.
Safeguard your Assets and Secure Medicaid Eligibility
The Irrevocable Medicaid
Asset Protection
Trust
At Luschas, Naparsteck & Crane, LLP, we understand the importance of protecting your assets while also considering potential eligibility for government benefits, particularly in the context of long-term care expenses. That’s why we offer a powerful legal tool known as the Irrevocable Asset Protection Trust (IAPT) to help you achieve Medicaid eligibility and safeguard your assets from the high costs associated with long-term care.
An Irrevocable Asset Protection Trust serves as a strategic solution to protect your assets while planning for potential long-term care needs. By transferring your assets into the trust, you effectively remove them from your personal ownership, reducing their vulnerability to the exorbitant expenses of long-term care. It is highly recommended that Trust based planning is completed more than five (5) years before you require long-term care services.
Our Medicaid asset protection trusts are carefully designed to meet the strict legal requirements for Medicaid eligibility, helping you safeguard your assets while ensuring you qualify for essential long-term care assistance.
Our meticulously crafted trusts not only protect your assets but also retain valuable tax advantages, allowing you to navigate the complexities of asset protection and Medicaid planning while optimizing your financial situation for the best possible outcomes.
The Power of an Irrevocable Medicaid Asset Protection Trust
An Irrevocable Asset Protection Trust (IAPT) is a legal tool used in estate planning and elder law to safeguard assets from potential risks, such as long-term care expenses and creditor claims. Once assets are transferred into the trust, the grantor no longer retains personal ownership and control over them. Instead, the assets become the property of the trust, effectively shielding them from creditors and lawsuits.
The IAPT is especially valuable in achieving Medicaid eligibility for government benefits related to long-term care. By creating the trust at least five years before requiring such services, the assets are not considered when determining eligibility, ensuring that one can access essential support without depleting their assets. While the grantor loses direct ownership, they can still retain control over the trust’s terms and provisions, allowing them to specify how assets are managed and distributed. Proper timing and professional guidance are essential when establishing an IAPT to maximize its benefits and ensure an effective asset protection strategy for the grantor and their beneficiaries.
Protect your Future with
Long-Term Care Insurance
Long-term care expenses can pose a significant financial burden on individuals and their families. Planning ahead for these potential costs is a crucial step in safeguarding your financial well-being and preserving your hard-earned assets. One effective tool in this process is Long-Term Care Insurance.
Long-Term Care Insurance is a specialized insurance policy designed to provide coverage for the costs associated with long-term care services, including in-home care, assisted living facilities, nursing homes, and other care options. It offers financial protection and peace of mind, ensuring that you have access to the care you need without depleting your savings or burdening your loved ones.
Protect Your Estate from the Looming Threat of Long-Term Care Costs
As you approach retirement age, the need for long-term care becomes a more tangible concern. Whether it’s assisted living, nursing homes, or home care services, the costs associated with long-term care can be overwhelming and put your estate at risk. Without proper planning, these expenses can quickly deplete your assets, leaving little to pass on to your family and beneficiaries.
Don’t let long-term care costs jeopardize your estate and hinder your ability to pass on your livelihood to those you wish to benefit. Contact us at Asset Protection Planning to schedule a consultation and discover how our expert attorneys can help you create a bulletproof asset protection plan tailored to your needs.
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