Family Asset Protection Planning.                                  

Provided here is a general statement of Pennsylvania law, it does not constitute legal advice. Consult an attorney directly for advice on your legal matter.


     Asset protection planning involves a series of lawful techniques to preserve savings and investments. By planning early, clients move assets that would be subject to the many faces of a future creditor’s claim and repositioning them as assets which are out of reach to creditors. In this manner, you can prevent your hard-earned assets from future uninsured medical expenses, long-term care facilities, lawsuits, foreclosure actions and the like. 


To be done properly it truly requires early planning. Consider starting now.


     One of the main reasons to do an asset protection plan is for long-term care planning so that clients can avoid losing assets while still qualifying for Medicaid but also, when done early families can protect their assets generally from medical expenses, lawsuits, etc.


two-thirds of people 65 or older will need long-term care assistance


     According to the U.S. Department of Health and Human Services either at home, in an assisted living type facility, or a skilled nursing home will be needed. Over 40 percent will need care in an expensive nursing home for at least some period of time. Currently, the average monthly cost of a semi-private nursing home room in PA is over $9,000.00. Care at home is on average half as expensive, but still very costly at $4,109 per month for a home health aide.


     Medicaid does pay facilities willing to accept government benefits if one qualifies. Regrettably, Pennsylvania has a strict payback program directed against the estate once the individual dies. Unless assets, or even just the family home, are placed in the appropriate trust, Medicaid will under certain circumstances force the sale of the residence, as well as other assets to repay their expenses in caring individuals. Gifting to children is not a good option because it can lead to your child’s liability to pay back Medicaid for the cost of your care.


Let’s talk about a Family Asset Protection trust


     The cost of nursing homes and assisted living facilities are far too much for many to pay without outliving their savings. Many people who haven’t planned, spend all of their savings in nursing homes and then have nothing left. Not a very good option! Accepting Medicaid certainly has its downside (reducing the estate to nothing), which is not favored by those who can readily afford their own care. This serves as a deterrent to those who would try to keep substantial wealth while living off government benefits.


     If you need the help, we can guide you through the process. With experience and care, we have put together a system that makes a tremendous difference in people’s lives. To learn more and to see if our planning is right for you, set an initial consultation. When you call the office, you will be told what to expect and you will then shortly receive more information in the mail in advance of your meeting.


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