Asset Protection Planning

In long term care asset protection planning, there are three questions to ask of how we are going to pay for our care:
1) Pay the costs out of your own pocket (decreasing the size of the estate your children will inherit)
2) Pay for long term care through long term care insurance (if you are insurable and it is affordable) or
3) Apply for and qualify for government benefits such as Medicaid and Veterans Benefits (with certainty and peace of mind).

When is Asset Protection Planning Considered?
There are two times at which Asset Protection Planning is contemplated. Crisis and a pre-planned approach.

“Crisis” planning: when asset protection must be implemented as quickly as possible according to strict guidelines, unique rules, and limited options. This is most frequently seen in Medicaid crisis planning or VA Benefits planning where a comprehensive asset protection plan is discussed, customized and implemented so that eligibility can be obtained with the assistance of the Pittman Law Office.

“Pre-planned” approach: this is undertaken several months in advance of any anticipated crisis. As with any complex area of life and law, pre-planning is key. An informed client and an experienced elder law attorney are both crucial to the proper planning of yours’ or a loved one’s long-term care needs. We want to educate and inform our clients, so that “non-crisis” decisions can be made and implemented; and asset protection planning can be accomplished without all the fear, drama and uncertainty associated with crisis planning.

At the Pittman Law Office, we offer a variety of pre-planning techniques and opportunities currently available under Florida law. Contact us if you would like additional information.