Asset Protection Services in Lakeland FL
Asset protection is a means of safeguarding against potential lawsuits, creditors and bankruptcy. Through careful planning beginning at early stages, potential cases of fraudulent asset transfers will be avoided. Asset protection also allows for long-lasting care for the elderly, creating a reassuring plan that will endure despite expensive care and treatment.
How Does Asset Protection Help My Family?
Since asset planning is highly correlated with estate planning, these initiatives will cover things entrusted to your loved ones, including:
- Protecting the assets for children, grandchildren and other minors
- Planning for a loved one with special needs
- Establishing a plan to preserve one’s assets for retirement
- Planning for when one is unable to manage his/her finances
- Protecting against those who might abuse one’s trust
- Avoidance of negative tax consequences
Is Asset Protection Useful For Securing Medicaid?
Long-term care in nursing homes around Lakeland can cost between $7,000 to $8,000 per month in Florida, so they must be carefully planned for. While many can access benefits from programs like Medicaid, there are complex laws in place that limit eligibility, especially if one’s assets are above requirements. However, experienced asset protection attorneys can find ways to shelter your assets and bring your finances into the proper levels to receive additional aid in supporting long-term care. Additionally, provisions are available based on different living conditions, such as financial support for a spouse who will not be residing in a nursing home.
Speak With An Experienced Attorney
Asset protection is a highly technical area of law that keeps everything safe in line with the latest regulations. Quickly giving away different assets and changing ownership of your properties may result in additional legal consequences that most people are not aware of. At Family Elder Law, you can be assured that a certified expert in Elder Law will explain the process to you in understandable terms while identifying planning opportunities to help you protect your assets and income. Through proper asset protection planning, we can alleviate the stress caused by the fear of losing all the assets you worked so hard to accumulate.
Please contact us today to start creating your personalized Family Asset Protection Report with Family Elder Law in Lakeland Fl.