Plan For Your Future By Protecting Your Assets
Your future and your family’s future are important. With long-term care and nursing home costs rising, it is essential for you to seek qualified and knowledgeable legal counsel to effectively plan for tomorrow. At Sikov and Love, P.A., in Pittsburgh, our elder law and asset protection attorneys help clients legally safeguard their assets as they get older.
Pittsburgh Long-Term Care Attorney
Since our founding in 1952, we have set the standard for quality legal services in Pennsylvania. This includes over twenty-five years of experience in the area of elder law. We work with clients throughout Pennsylvania to develop an asset protection strategy that meets your needs and fulfills your goals.
Creating An Asset Protection Plan
We create asset protection plans for our clients, so they do not have to spend all of their money on long-term care. Our long-term care and asset protection lawyers can help you understand your legal options and create a plan to meet your needs, encompassing a range of estate planning tools, such as:
- Immediate annuity options
- Irrevocable trusts or special needs trusts
- Gifting of specific assets
- Veterans Administration benefits
- Irrevocable burial trusts
Answering Your Frequently Asked Questions About Asset Protection
Our elder law attorneys know and understand that there can be a lot of questions when it comes to protecting your assets and planning ahead for future and long-term care. Here, they answer some of the more commonly asked questions. Because every client’s situation is unique, we encourage you to schedule an initial consultation so that we can answer your specific questions.
Can I transfer my assets to a family member in order to qualify for Medicaid benefits?
No. If a transfer of assets to a family member takes place less than three years before you need assisted living, your Medicaid coverage could be denied. However, there are exceptions. An experienced asset protection attorney will be able to help you understand if assets, like your home, can be transferred to a family member.
Will purchasing an annuity protect my assets?
It depends. There are two types of annuities: immediate and deferred. The only kind of annuity that will protect your assets is an immediate annuity, which begins to pay you back immediately while still allowing you to be eligible for benefits and medical assistance.
What is a Medicaid Asset Protection Trust?
A Medicaid Asset Protection Trust (MAPT) is a special kind of trust that allows you to transfer your assets into a special trust so that you can more easily qualify for long-term care and benefits. It is a trust that is designed specifically to hold your assets in a trust and keep them from being counted towards your eligibility for Medicaid.
Can I get my assets back from a Medicaid Asset Protection Trust (MAPT)?
No. A Medicaid Asset Protection Trust is an irrevocable trust. Once assets are transferred to a MAPT, it is difficult to get them back out again.
Schedule A Consultation With An Asset Protection Lawyer Today
At our firm, we offer a range of solutions, so you do not have to exhaust all of your hard-earned money and assets to pay for your long-term care. If you have questions about asset protection trusts in Allegheny County, our lawyers can help. Contact our elder law attorneys to set up a consultation by sending an email or calling our office at 412-567-1236.