When it comes to estate planning, it is critical to ensure that your assets have as much protection as possible. The experienced asset protection lawyers of English Lucas Priest & Owsley leverage their extensive experience to help individuals in a number of different ways, whether they are looking to protect their assets from creditors or if their goal is to ultimately leave more for their loved ones. Our team of lawyers can work with clients to help prepare for any future expenses they may incur, such as healthcare costs, and we also strive to ensure that our clients are receiving all of the benefits they are entitled to, such as government pensions.
One of the strongest ways an individual can protect their assets is through the creation of an irrevocable trust. By creating an irrevocable trust, a person is creating a trust where the terms cannot be altered without permission from the beneficiaries. The experienced asset protection attorneys of English Lucas Priest & Owsley can work with their clients to create an irrevocable trust, which helps protect their assets from creditors. We walk our clients through the different types of trusts that are available and we provide responsive counsel throughout the process to ensure that the trust created meets their every need. Our asset protection attorneys have experience setting up different irrevocable trusts, including charitable trusts, life insurance trusts, and special needs trusts.
At English Lucas Priest & Owsley, we know the importance of planning for long-term care. For so many people, this is one of the most critical decisions they will ever make, something that impacts both themself as well as their loved ones. Our experienced Kentucky asset protection lawyers work to help protect our clients’ assets from the costs associated with nursing home care. We provide guidance on different ways to potentially protect assets, such as creating revocable Medicaid trusts. Our asset protection lawyers also understand that when it comes to estate planning, there are many tax implications that need close consideration. We combine a deep understanding of state and federal tax laws as well as decades of estate planning experience to help our clients navigate each and every tax issue that is associated with their particular situation.
We understand what is at stake and the importance of thorough estate planning, and we work closely with our clients in an effort to minimize potential risks and to help guard against claims from different creditors. Protecting assets is essential with potentially significant ramifications for both our clients and their loved ones. At English Lucas Priest & Owsley, our experienced Kentucky asset protection lawyers are committed to providing diligent and effective counsel that is tailored to meet our clients’ specific estate planning needs and ultimately help safeguard their assets as much as possible.
Medicaid Planning is a way to protect people’s assets from the threat of long-term care expenses. Our attorneys work legally and ethically to protect your assets when qualifying for Medicaid.
If you or someone you love require long-term care in a nursing home or assisted living facility, but lack the money to pay for it, you may consider applying (or helping your loved one apply) for Medicaid, the joint federal-state program that offers health coverage to eligible low-income seniors. While many people have access to Medicare, Medicare is not going to cover long-term nursing home expenses. For Medicaid eligibility for long-term care, an applicant must have limited income and assets (as well as have a functional need for long-term care). If the applicant’s income or countable assets exceed Medicaid’s financial limits in your state, it is possible to become eligible by “spending down” one’s income or assets to the point where they become financially eligible.
While a Medicaid spend down can be a savvy strategy, the rules, restrictions, and requirements can be complex and confusing. And it is not your only option. Careful planning can provide Medicaid asset protection to your family, while providing the applicant or institutional spouse the financial support he or she needs for long-term care. Care and consideration must be made to maximize the resources available to the Community Spouse (if applicable) through the Medicaid Community Spouse Resource Allowance (CSRA) or the Monthly Maintenance Needs Allowance (MMMNA), and issues such as estate recovery, and much more, must be addressed. A variety of options and solutions can include setting up a Miller Trust, QIT (Qualifying Income Trust), Special Needs Trust and more. But how do you know which is best for your situation and family’s protection? And is it already too late to evaluate your options?
You are not alone. Let our skilled attorneys help navigate this complicated system with you. Whether it be through the implementation of a Medicaid crisis plan to prevent the unnecessary dissipation of all of one’s life savings in the event nursing home care is required, or Medicaid asset protection planning in advance of needing nursing home or assisted living facility care, we are here to help.
If you want to leave money or property to a loved one with a disability, you must plan carefully. Otherwise, you could jeopardize your loved one’s ability to receive means-tested benefits, such as Supplemental Security Income (SSI) and Medicaid benefits. By setting up a “special needs trust” in your will, you can avoid some of these problems. Parents and guardians can establish and fund a “third-party” special needs trust or supplemental needs trust to hold a disabled child’s inheritance and avoid terminating their government benefits.
But what happens when the person with special needs unexpectedly comes into their own money? This could be an unplanned inheritance or maybe even a settlement from a car accident. In some cases, a spend-down may be the best solution. But other options exist: the “first-party” special needs trust (also known as a self-settled special needs trust or d4A trust) and pooled special needs trust (also known as a d4c trust). “First-party” special needs trusts are discretionary trusts, just like “third-party” special needs trusts, but are subject to a Medicaid payback lien amongst other complex regulations to avoid being included as a countable resource. Pooled special needs trusts are similar to a “first party” special needs trust, except they are managed by a nonprofit organization instead of an individual trustee. Regardless of which kind of trust best fits your situation, care and consideration must be given to your particular situation to avoid a loss of benefits.
Navigating the available options to find the best fit for you and your family can be overwhelming. Our ELPO Law attorneys have the experience you are looking for along with the compassion needed to make sure you and your family are protected.