Asset Protection Planning: Early Planning Protects Your Money, Future, and Peace of Mind

 

“Well, it sounds like I should have done this years ago.”

A new client’s response to the plan we presented at the end of her first meeting with our team.

“Yes, most people should have started this planning way before they needed it.”

The majority of the work we do for families involves crisis planning. Seems as if most individuals and families keep going the best they can until they hit a crisis. Then they finally come in to see an elder law attorney.

We are set up to handle crisis planning, and we do it really well.

“Mom is being discharged from rehab on Thursday, and she can’t go back home. We can’t afford care. What do we do?”

This is a typical call our office receives several times a week. We have set up our staff and processes to get families into our office quickly and the work turned around within a short time frame. We respond to calls, changes, and concerns quicker. We do what we can to make a bad situation with all seemingly awful options as good as possible to make sure our clients get the best care they can get without going broke.

Aging and the complex problems that it can bring are intimidating—we’d all like to avoid this for as long as possible.  Trouble is, most of us are living longer and facing more expensive long-term care expenses than ever before.

Asset protection planning that happens earlier, before a crisis, offers more options and more protections for your money, your future, and your peace of mind. Since we started our elder law practice, we have seen Medicaid extend its look back period from 3 years to 5 years and the VA implement their own look back period. We know that these changes are an attempt to limit access to these safety net programs, and we expect the access to keep getting tighter.

Given the realities of these ever-reducing options, it is imperative that older adults and families start planning sooner rather than later.

Asset protection planning with an elder law firm involves a comprehensive review of your current financial situation, your goals, your likely future needs, and your social support system. This thorough review leads the attorneys to an asset protection plan that will help you avoid outliving your money or ever spending more than you need to on your long-term care needs.

Asset Protection Plans should be created at least five years before they are ever needed.

With no reliable crystal balls available, it is hard to know exactly when you should start your asset protection plan. They are most effective if done 5 years prior to any long-term care needs. Who knows when the needs will arise, but we recommend that an asset protection plan be created after the initial diagnosis of dementia, Parkinson’s disease, ALS, or other debilitating, progressive disease.

To learn more about our services or to set up an appointment to meet with one of our elder law attorneys to get started on your asset protection plan, please contact Hurley Elder Care Law for a complimentary phone consultation by calling (404) 843-0121 or by sending us a message.