Clearwater Asset Protection Attorney
As you age, the need for long-term care – typically in the form of a nursing home – may be inevitable. However, nursing homes cost thousands upon thousands of dollars, an expense that few want to deal with, or may be able to afford.
Even if you do have the property and assets to pay for long-term care, using these assets to ensure that your spouse has the means to enjoy life, or to pass on to your children and grandchildren once you’re gone, is almost surely higher on your priority list. No one wants to become impoverished as a result of having to pay for long-term care.
Luckily, there are a few things that you can do to protect your assets from the costs of long-term care. At the law offices of William Rambaum, P.A. our Clearwater asset protection attorney have been helping clients like you with asset protection services for more than 35 years, and have the experience you can count on.
How You Can Protect Your Assets
If you live in Florida and have limited income, you may be able to qualify for Medicaid for long-term care if you have a limited number of assets, too. The dilemma, then, is being able to preserve your assets while also qualifying for Medicaid long-term care. There are a number of ways that you may be able to protect your assets including:
- Turning cash into nonexempt assets, such as vehicles, a larger home, etc.;
- Creating an asset protection trust or pooled income trust;
- Transferring assets to your spouse; and
- Give monetary gifts before care is required by planning for your estate now.
The above steps should only be engaged in with the help of a legal professional. Asset protection is a very complex field, requiring detailed knowledge of Medicaid and financial laws.
Our Goals at the Office of William Rambaum, P.A.
When you work with our law offices, our goal is to make sure that we understand your needs, provide you with superior legal advice, personalize our approach, and ultimately devise an effective asset protection plan for your estate. When you meet with our attorneys, we will perform a thorough review of your finances, your estate documents, your taxes, and more. From there, we will provide you with detailed information about which assets you can protect, and the best strategy for asset protection. We can help you to form trusts, transfer assets, give gifts, and more in order to ensure that when the time comes, you will be eligible for Medicaid, and will not be forced to pay for your nursing home costs out of pocket.
Contact Our Clearwater Asset Protection Attorneys Today
We are trusted in our community, and have the legal experience that you deserve. To schedule a consultation with a Clearwater asset protect attorney at the offices of William Rambaum, P.A. today, call us directly at 727-781-5357.