The Wary & The Waited Too Long
Those who fear malpractice cases (doctors, nurses, engineers, lawyers), those who fear environmental claims (service station owners, heating oil distributors, landfill operators), and those who just fear litigation (auto accidents, slip and fall, apartment owners) present additional planning problems and opportunities. Estate planners talk about “asset protection” that can protect not only those who are in the just described categories but also your children and other heirs. As one very successful entrepreneur said, “Only the paranoid survive.” Special techniques are available to the paranoid and others who wish to avail themselves of the available protection
No strategy is necessary to transfer wealth if there is no wealth left to transfer. When a loved one needs to go into a nursing home, the family is frequently facing not only a medical emergency but also a financial emergency. That problem is so pervasive, the government has adopted the Medicaid program to assist those families in need. However the process of applying, and qualifying, for Medicaid can be arduous at best. For those who waited until they or a loved one is already admitted, or about to be admitted, to a nursing home, it is still not too late to plan. Strategies are available to save some of what’s left, generally about half of what’s available. Thus the strategy often referred to as “half a loaf;” half a loaf is still better than no loaf at all.
No strategy is necessary to transfer wealth if there is no wealth left to transfer. When a loved one needs to go into a nursing home, the family is frequently facing not only a medical emergency but also a financial emergency. That problem is so pervasive, the government has adopted the Medicaid program to assist those families in need. However the process of applying, and qualifying, for Medicaid can be arduous at best. For those who waited until they or a loved one is already admitted, or about to be admitted, to a nursing home, it is still not too late to plan. Strategies are available to save some of what’s left, generally about half of what’s available. Thus the strategy often referred to as “half a loaf;” half a loaf is still better than no loaf at all.
The Process of What it Takes to Put A Plan Together
part of a seminar presented by
Chesapeake Legal Counsel
part of a seminar presented by
Chesapeake Legal Counsel