Putnam County Asset Protection Lawyer
With Careful Asset Planning, Putnam County Families Can Protect Their Wealth for Future Generations
Asset protection is one of the most important parts of any estate plan. End-of-life care is incredibly expensive; far more costly than most even people realize. In fact, a recent study found that Americans underestimate the cost of long-term care by more than 50 percent.
Without proper asset protection strategies, a person’s life savings could go entirely towards nursing homes and healthcare costs. Even a shared room in a nursing home can cost $7,000 – $10,000 per month in New York.
At Meyer & Spencer, PC, our Putnam County asset protection lawyers work tirelessly to help our clients prepare for the future. We offer careful, individually tailored asset protection guidance to help ensure the long term financial security of you and your family. To find out more about what we can do for you, please do not hesitate to contact our Mahopac law office today.
Why Effective Asset Protection Starts Early
Many people in Putnam County can obtain Medicaid benefits to help pay for nursing home costs. The issue: Medicaid has strict eligibility requirements. The program administrators have been empowered to look at an applicant’s financial status for the last five years. This five-year lookback period is comprehensive. Medicaid officials can consider a wide range of different factors, not merely a person’s income. Seniors should start preparing their finances far ahead of time to ensure that their Medicaid eligibility will be there should they need help covering long-term care costs.
You Deserve Personalized Legal Guidance
There are many different specific asset protection strategies that can be used by people to help protect their personal finances, their financial flexibility, and their ability to leave assets for their descendants and beneficiaries. What asset protection strategy is appropriate for your case? It depends entirely on the status of your personal finances and your long-term objectives. There is no one-size-fits-all solution when it comes to asset protection and Medicaid planning. Some strategies include:
- Applying for a private long-term care insurance policy;
- Gifting certain assets to future generations;
- Setting up an irrevocable trust; and
- Much more.
The bottom line: You deserve fully personalized legal guidance from an experienced Putnam County asset protection lawyer. With early planning, it is possible to set yourself up for Medicaid eligibility while also retaining financial independence and providing a legacy for your loved one. No one wants to deal with a Medicaid crisis situation where difficult choices become necessary. The earlier you get started with estate planning and asset protection, the better off you will be.
Get Help From an Elder Law Lawyer in Putnam County
At Meyer & Spencer, PC, our Putnam County estate planning attorneys have the skills and experience needed to protect your assets. To schedule your fully confidential asset protection consultation, please do not hesitate to contact us today at 845-628-0009. With an office in Mahopac, we serve communities throughout Putnam County, including Carmel, Cold Spring, Brewster, Patterson, and Philipstown.