Has someone told you that you need to give your assets away to protect them?
Many seniors and their family members are concerned about the best way to manage their assets and protect against the expenses of nursing homes and long-term care should they be needed in the future. Then they hear from a well-meaning friend or family member that they should transfer their assets to their children.
Here’s why you should ignore such advice. If you transfer assets, you will:
- Lose control of them forever.
- Be dependent on those you transfer them to.
- Create additional taxes for those you transfer to.
- Risk losing them to your children’s bankruptcy, lawsuits, or to your children’s spouses in divorce.
- Lose significant tax advantages.
- Risk of becoming ineligible for Medicaid for 60 months or longer.
Asset protection planning includes many complex laws, including tax law, trust law, Medicaid law, probate law, and contract law. Make sure you consult with an attorney who is qualified to advise you regarding your planning options and how to best protect you and your assets.
At Carolina Family Estate Planning, we use unique asset protection trusts that:
- Allow you to control your assets until death.
- Allow you to retain all income from your assets.
- Have a “trap door” to access assets if needed.
- Enable you to protect your assets from the nursing home.
- Ensure you qualify for Medicaid assistance in the shortest period of time possible to help pay for nursing home care.
- May protect your IRAs without having to liquidate them and pay taxes.
