Asset Protection Strategies
When assets are split following a divorce, this can affect your savings meant to cover long-term care costs. We assist our clients in maintaining their long-term estate plan despite changes in circumstances:
- Irrevocable Trusts: Shield assets from nursing home costs after five years.
- Immediate Annuities: Convert assets into income to qualify for Medicaid.
- Long-Term Care Insurance: Cover care costs to reduce strain on savings.
- Exempt Resources: Use assets for prepaid funerals, a newer car, home repairs, paying down mortgages, home loans or other debt payoff to meet Medicaid limits.
- Strategic Gifting: Transfer assets carefully to avoid penalties.
Common Questions
- Medicare vs. Medicaid: Medicare is insurance that covers short-term care; Medicaid covers long-term care but requires meeting asset and income limits. We can help you qualify post-divorce.
- When to Plan: Start at least five years before needing care to maximize options, though solutions exist for urgent needs.
Protect Your Future Today
Divorce doesn’t have to jeopardize your estate or long-term care plans. Our elder law attorneys at Sikov and Love, P.A., create strategies to protect your financial future and ensure your wishes are carried out. Contact us at 412-567-1236 or via our online form to schedule a consultation and secure your legacy.