Long-Term Care Costs Can Wipe Out Your Assets
As a practicing, Elder Law and Estate Planning attorney, I meet hundreds of people each year. One of the most frequently asked questions I hear is, “How can I protect my assets from the government and long-term care costs?”
In order to answer that question for you and to be able to determine the best ways to help you protect your assets I must know the specific types of assets you own. Many people have a large portion of their assets in an IRA or other forms of not yet taxed money.
I also see much confusion and frustration among people trying to understand all the rules regarding their IRAs. One of the primary reasons for this confusion is that most people get their financial information from several different sources. And we know the problem with that: Ask 5 different people their opinion on one subject and you’ll come back with 5 different opinions!
Different Financial Services Have Different Objective
Many people have traditionally turned to their accountants for financial advice. Typically the number one financial objective of accountants is to minimize taxes. Financial advisors on the other hand are typically focused on maintaining and growing the IRA.
One Guide For Your Overall Long-term Financial Goals
As an Elder Care & Estate Planning attorney, my first objective is to identify your overall long-term financial goals. Once I understand your goals, then I can help you understand the specific laws and rules relevant and helpful to your specific circumstances. I can also work with your other professionals to ensure that together we accomplish your goals.
Many people I work with are surprised to discover that saving on income taxes today is not as great as it’s made out to be. Another area of discovery for many of my clients is that taking IRA money either too soon or too late leads to significant penalties. In addition, not understanding how your state Medicaid department treats IRAs can result in you losing your entire IRA to long-term care costs. And, did you know that subjecting your IRA to estate taxes can result in your beneficiaries only getting pennies on the dollar? Or that naming your beneficiaries as beneficiary on your IRA actually “unprotects” it?
Working with an Elder Care and Estate Planning attorney gives you in-depth knowledge about special programs that other professionals are not even aware of. No one wants their hard-earned money to go to the government or to be decimated to pennies.
Elder Care And Estate Planning
Just like so many things change over time, our financial needs change as we age. Perhaps it’s time to explore how an Elder Care and Estate-Planning attorney can provide greater access to programs and protect your existing assets from being reclaimed by the government or inefficiently dissolved by long-term care costs. Give Felinton Elder Law & Estate Planning Centers a call. Helping to care for and protect the elderly is our passion.