In this Zoomside Chat, Michael Ettinger discusses the strategies we can use to better protect our assets for the future. We will talk about Caregiver Agreements, Pooled Income Trust, Long-Term Care Insurance, Medicaid Asset Protection Trust and many others, along with their pros and cons.
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Ettinger Law Firm focuses exclusively on elder law estate planning. Our attorneys and paralegals work to provide asset protection and tax savings for baby boomers and senior citizens. Practicing for twenty seven years and with offices in sixteen New York State locations, Ettinger Law Firm has prepared thousands of estate plans for generations of middle class families.
Chapters:
00:00 Intro
2:00 Caregiver Agreements
4:56 The Pooled Income Trust
11:54 Long-Term Care Insurance
16:11 Veteran’s Benefits for Caregivers
17:18 Medicaid Exemptions
22:42 Medicaid Qualifying Annuities
25:02 Spousal Refusal
27:59 Gift and Loan
30:09 The Medicaid Asset Protection Trust
32:33 Free Online Seminar
33:05 Our law firm’s unique planning process
36:21 Our law firm’s trademarked process after you sign your documents
39:11 Schedule your free consultation
40:51 Thank you!…(read more)
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Medicaid Asset Protection Strategies | Zoomside Chat
Medicaid Asset Protection Strategies are important financial planning techniques that many people utilize to protect their savings and assets from being completely depleted when long-term care is necessary. Long-term care can be very expensive and unpredictable, so it is essential to develop a plan for the future.
In a recent Zoomside Chat, financial advisors and experts discussed several Medicaid Asset Protection Strategies, including Irrevocable Trusts, Asset Transfers, and Medicaid Planning.
An Irrevocable Trust is a legal document that allows you to transfer ownership of your assets to a Trustee, who then manages the assets according to your specific instructions. The Trustee has control of the assets, but you may receive income from the Trust throughout your lifetime. By transferring assets to an Irrevocable Trust, you may be able to qualify for Medicaid if and when the need arises, while still having control over the assets.
Asset Transfers are another strategy that can help protect your assets from being depleted when long-term care is required. This strategy involves transferring assets out of your name and into someone else’s name, such as a spouse or adult child. This way, you can reduce your countable assets and potentially qualify for Medicaid faster.
Finally, Medicaid Planning is an essential strategy for those who want to protect their assets from long-term care costs. Medicaid Planning involves utilizing legal and financial planning techniques to reassign assets and income for the purpose of qualifying for Medicaid. This includes purchasing long-term care insurance and utilizing annuities to help pay for long-term care expenses.
In conclusion, Medicaid Asset Protection Strategies can be very beneficial to individuals and families who want to protect their savings and assets from long-term care expenses. If you are interested in utilizing these strategies, it is essential to speak to a financial advisor or an elder law attorney who has experience in Medicaid planning. It is also important to start planning early to ensure you have ample time to transfer assets and implement your plan before you need long-term care.
Yeah.. “home care” with a company using your estate to build a housing project to create an illusion that a person transitioned to a home of their own choice because there weren’t other options
Terrific presentation. I wish you had an office in New Jersey.
Yes, I have an ear revocable and my husband died in July 28 but now they’re staying in an accident that we put a claim on with her lawyer he saying it’s got to go to probate I didn’t think of irreversible trust had to go to probate what is the answer?
Hi, Elder Law and Estate Planning is Extremely Complex and full of pitfalls. Thank You for your Extremely Informative Videos. You seem to be Brilliant Attorneys. I would like to see VIDEOS THAT ANSWER THE FOLLOWING QUESTIONS, and I would greatly appreciate it if you would please answer the following questions. My Private Attorney seems to be a Lazy Negligent Incompetent Attorney. I had no prior experience with Attorneys. I would like to know what constitutes a Good Attorney? Under what circumstances should you Fire your Attorney? What would YOU do if you had an Attorney such as mine? I have an Attorney who:
1)Is so DISORGANIZED that he CANNOT FIND the WRITTEN FACTS OF MY CASE even after dozens and dozens of hours of looking for the Document, such that now the Document is essentially lost. I remembered the Facts when the Document was written, but now I do not remember many of the Important Facts. And of course my lazy Attorney does NOT remember the Facts either. Isn’t an Attorney supposed to be Organized and Easily Find the Written Facts of his Client’s Case?
2)One of my Attorneys Took Notes and Wrote my initial Statement Of Facts regarding my Case, but after that Attorney left the Organization, my present Attorney Lazily REFUSED TO TAKE ANY NOTES about the remaining FACTS OF MY CASE. And when at my request my Attorney set up Appointments to hear me talk about the remaining FACTS OF MY CASE, my Attorney lazily REFUSED TO TAKE NOTES, saying that he would Remember everything I said; then later HE FORGOT MOST OF WHAT I HAD SAID. Also regarding the Appointments to hear the remaining Facts Of My Case, my Attorney arrived Late, took a Long Lunch, and Left Early to go Play Basketball, etc.; he was Extremely Well-Paid for all of that. Isn’t an Attorney supposed to Take Detailed Notes regarding the Facts of his Client’s Case?
3)I had a WILLING CRUCIAL WITNESS whom MY ATTORNEY REFUSED TO BOTHER TO INTERVIEW, and he even Refused to take her Contact Information. Isn’t an Attorney supposed to Interview and keep Contact Information regarding Crucial Witnesses?
4)It seems that my Attorney engaged in IMPROPER BILLING. At times my Attorney charged Exorbitant Amounts Of Money to Represent me, while NOT actually doing anything on my Case. What should be done regarding an Attorney who Improperly Bills?
5)Generally my Attorney DOES NOT COMMUNICATE with me. Generally my Attorney says he does NOT read my Mail, read my Email, nor listen to my Voice Mail. What should be done regarding an Attorney who Refuses to Communicate with his Client?