Having an asset preservation plan in place can give you the peace of mind that you are protecting your property and life savings from long-term care costs. Last week, we discussed whether or not asset preservation planning was legal and while we came to terms with the legality of asset preservation planning, what about the morality of it?
Is asset preservation planning moral?
In this Elder Law Minute, Wes Coulson, Illinois Elder Law attorney, discusses asset preservation planning and offers a thoughtful perspective on the morality of planning that is directed toward protecting someone’s assets while establishing eligibility for government assistance, such as Medicaid.
Is Asset Preservation Planning Moral?
Hi, I’m Wes Coulson and this is your Elder Law Minute. I’m going to answer a question today that I feel very strongly about. The question is: Is planning that is directed toward getting somebody with some assets eligible for Medicaid moral?
Yes, absolutely it is. Let me give you my perspective.
I want you to think about two people that are both 80 years old, and up until then they have lived absolutely identical lives, they’ve worked the same, they’ve saved exactly the same amount of money. At age 80, one of them gets cancer or heart disease and has to go into a hospital to get medical care that costs a half-million dollars. We say to that person, “How unfortunate, that should not cost you your life savings.” The other 80-year-old has a stroke, or develops Alzheimer’s or Parkinson’s, and we say to that person, “Hey, sorry, you picked the wrong disease, you have to lose everything.”
There is absolutely no moral distinction whatsoever between those two 80-year-olds. The treatment of them is purely 100 percent a legal distinction. I start with the idea that my clients are coming to me because they are the victims of a legal distinction that treats them horribly. My job is to help put them on the same footing, as best I can, with other people that they are absolutely morally the same as, they just happen to have suffered a different disease. Is that immoral? Not the least bit. I’m very proud to be able to help those people. Thanks for your time and your kind attention.
For more information on Asset Preservation Planning, visit these articles:
- Is Asset Preservation Planning Legal?
- The Morality of Benefits Planning
- What’s the Difference Between Estate Planning and Asset Preservation Planning?
- Long Term Care Costs: The Biggest Threat to your Financial Future
“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.