Elder Care Attorney, Mindy Felinton writes about the most frequently asked question she hears which pertains to keeping the government and long-term care costs from getting all of one’s hard-earned assets.
Delray Beach, FL , August 15, 2019: Mindy Felinton, founder of Felinton Elder Law & Estate Planning Centers, has posted a new article on her law firm’s website entitled “Don’t Let The Government and Long-Term Care Costs Eat Up All Your Assets.” Ms. Felinton clues readers in to information that can save their assets.
Felinton writes, “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?””
As Felinton points out, “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.” She adds, “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,” Felinton says. She elaborates, “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!”
According to Felinton, “Many people have traditionally turned to their accountants for financial advice.” She states that, “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.”
“Many people I work with,” says Felinton, “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.”
The entire article can be read at https://www.felintonlaw.com/dont-let-the-government-and-long-term-care-costs-eat-up-all-your-assets/
About Mindy Felinton
From a young age, Mindy wanted to be the voice that would make an impact in people’s lives. She became an attorney and has practiced law for over 30 years, so that she could fulfill her desire to help others. As a special prosecutor, Mindy defended the underdog (literally) in cases of animal abuse. As a state attorney in Florida she fought for justice. During the last 25 years, Mindy met many wonderful people who did not know their rights, did not understand the law, and did not know what options were available.
Mindy assists families with Medicaid planning to help with the cost of nursing home care and with obtaining veteran’s benefits to make the cost of care more manageable. She also prepares wills, trusts, powers of attorney, and medical directives. Mindy is passionate about educating both other professionals and the public concerning VA Aid & Attendance benefits, Medicaid benefits, and the use of trusts for the protection of assets. She shares her experience and professional knowledge through free workshops, and as a frequent lecturer at State Bar Conferences.