When my Hurley Elder Care Law attorney recommends “asset protection” what does that really mean? Simply put, asset protection planning involves a comprehensive review of your current financial situation, your goals, your likely future needs, and your social support system. This thorough review leads our 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. It is important to keep in mind that asset protection planning that happens earlier, before a crisis, offers more options and protections for your money and your future.
Planning is possible even in crisis mode!
Much of the work we do for families involves crisis planning. I think human nature causes most individuals and families to keep going the best they can until they hit a crisis. Then they finally come in to see an elder law attorney. Although we always encourage families to advance plan, our office is set-up to respond quickly to phone calls, appointment requests, and concerns during a crisis. We care deeply about helping to make a bad situation with seemingly limited options as positive as possible. Our goal is to always make sure our clients get the best care they can without going broke even in a crisis.
An example of a common crisis planning situation we experience regularly at Hurley Elder Care Law is “Dad is being discharged from rehab this week and he can’t go back home. We can’t afford care so what can we do?”
The sooner you plan the more options you have
Although something can always be done, you should understand if you plan, you will have more care and financial options as well as greater peace of mind. Since we started our elder law practice 16 years ago, 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 these changes tremendously limit access to these safety net programs, and we expect the access to possibly keep getting tighter. Given the realities of these ever-reducing options, it is imperative that older adults and families start planning sooner.
You may wonder when you should start an asset protection plan? We recommend creating a plan at least five years before they are ever needed. Nobody knows when the needs will arise, but we suggest an asset protection plan be created after the initial diagnosis of dementia, Parkinson’s disease, ALS, or other debilitating, progressive disease. These are definite situations of “don’t put off until tomorrow what you can do today”.
To learn more about asset protection or schedule an appointment, call our office at 404-843-0121 and receive a complimentary phone consultation with our intake specialist.
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