Asset preservation planning is helpful for protecting your property and life savings from the potentially devastating cost of long-term care. With life expectancies increasing, the chance of needing long-term care later in life growing, the cost of long-term care increasing, and establishing eligibility for government assistance being made ever more difficult, now is decidedly the time to put an asset protection plan in place. But, the question of uncertainty that pops up, and may even be on your mind:
Is asset preservation planning legal?
In this Elder Law Minute, Wes Coulson, Illinois Elder Law attorney, discusses asset preservation planning and offers assurance of its legality as a means to protect assets when establishing eligibility for government assistance to help pay for long-term care costs.
Is Asset Preservation Planning Legal?
Hi, I’m Wes Coulson and this is your Elder Law Minute. As you probably know if you’ve been to our website or have seen other videos, we help people with planning that is directed toward protecting their life savings from long-term care costs in a way that enables them to establish eligibility for government assistance to help pay for their care.
Now, you know, unfortunately a lot of people say, “Ah, you help people hide assets,“ on some sort of underlying assumption that we’re doing something shady or blurring the rules. I want to assure you that that’s absolutely not the case. I am a very ethical person. I have great respect for the law. Let me assure you, that we have never told anybody to do anything, or helped anybody to do anything, that the rules don’t allow.
Think of it kind of like tax returns. If you hide income for your taxes, or don’t report it, that’s a bad thing, that’s not legal. But, if you, with the help probably of an accountant, look for every exemption and deduction that you’re entitled to claim, then you’re doing something that is absolutely, perfectly legal. And by the way, since the government wrote the rules saying that you can do those things that the government expects and has every reason to expect.
So, if you’re thinking about whether to have us help you and you’re worried about doing something illegal, let me ease your mind, that’s just absolutely not going to be the case. Everything we do is within the law and I’m proud that we do it.
For more information on Asset Preservation Planning, visit these articles:
- What’s the Difference Between Estate Planning and Asset Preservation Planning?
- Long Term Care Costs: The Biggest Threat to your Financial Future
- What’s the Difference Between a Revocable Trust and an Irrevocable Trust?
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.