Throughout life, priorities and needs will change, especially as you enter your golden years. Safeguarding your hard-earned assets is essential in order to ensure a comfortable, worry-free future. Elder’s asset protection is a component of elder law that not only secures your legacy, but also shields you from potential financial exploitation.
Elder financial abuse is on the rise, and even the most savvy seniors can fall victim to fraudulent scams. This exploitation makes asset protection an urgent matter. By working with an experienced elder law attorney, you can create a comprehensive asset protection plan tailored to your unique circumstances. The plan could include components such as:
- Power of Attorney: Appointing a loved one as your power of attorney gives them the access to manage finances on your behalf, in the event you become unable to do so yourself. This protects against the possibility of financial abuse and defends your assets when you’re at your most vulnerable.
- Long-Term Care Insurance: Whether receiving in-home care or moving to a nursing home, long-term care comes with a big price tag. Long-term care insurance is a preventative step to protect assets if you face these costs. By purchasing a long-term care insurance policy, you’ll ensure assets are not depleted by medical expenses. This lets you preserve your wealth for other purposes, or pass it on to your beneficiaries.
- Medicaid Planning: Medicaid provides financial aid for medical and long-term care expenses to low-income people, but there are strict requirements throughout the application process. Medicaid planning involves structuring one’s assets and income in a way that allows them to qualify for Medicaid benefits, while preserving a certain amount of assets for themselves or their loved ones.
Everyone’s financial situation is unique, and what works best for one person may not be ideal for you. Contact us for assistance developing a customized plan to meet your needs and protect your assets as you age.
Related practices: Estate Planning
