Asset protection planning will prevent financial disaster and protect your life’s savings..

Asset protection, permitted under federal and state rules, is a legal process that:

• Allows individuals to receive the best quality long term care regardless of the setting;
• Insures financial independence of a community spouse; and
• Increases the potential of leaving an inheritance by securing assets before they are depleted.

Asset protection is designed for middle-income families to prevent financial disaster, and involves preparing a thorough plan. In every case, we have found that between 40 to 100 percent of a person’s assets can be protected. The earlier you plan, the more assets you are able to protect.

As one ages, it becomes increasingly important to employ effective strategies for using income and assets in the most effective manner. The Estate & Elder Law Center of Southside Virginia specializes in helping people protect their assets through appropriate legal means.

Many people have the mistaken assumption that in order to benefit from asset protection planning they must have significant wealth. The reality is, asset protection is more advantageous for middle-income families to prevent financial disaster.

While some families are seeking to preserve their assets for the next generation, most elders want to protect their home and assets from catastrophic costs. All seniors should be concerned about the protection and preservation of their assets; statistics show that 70 percent of people over age 65 will likely need long-term care at some point in their lves.The cost for long term care in our area can exceed $8,000 per month.

Figuring out how to pay for long term care can be frustrating, confusing, and confounding. Just the amount of paperwork required to file for benefits can be overwhelming and demoralizing. Some folks simply give up! Failure to apply properly can be grounds for denial.

When applying for Medicaid and other benefits, it is crucial for applicants to be well versed in how the systems work. Our firm represents clients before county Medicaid agencies and prepares and files benefit applications on their behalf. In the event of a contested application, the firm stands ready to represent clients in an agency hearing to obtain approval for benefits.

The Estate & Elder Law Center of Southside Virginia specializes in asset protection and helping you pay or apply for long term care benefits. We can help you find your way in the maze of regulations with ease.