tips for protecting your assets from lawsuits and medicaid
TRANSCRIPT
Protect Your Assets Now: Lawsuits & MedicaidMarch 20171. Identify life events and circumstances that could jeopardize your assets.
2. The need for nursing home care will quickly deplete the assets available to a spouse living at home or for single persons eliminate an inheritance to pass to children.
3. A standard trust used to pass assets to your beneficiaries does not protect assets.
4. Adding a child as a co-owner on your assets can cause more harm than protection.
5. You can protect assets from being spent on nursing home care if you plan ahead of the five-year look-back period.
6. A couple can prepare wills and a trust that will protect all trust assets from being spent on nursing home care when the surviving spouse needs such care.
7. Proper insurance can protect assets and there are laws that shield retirement accounts from creditors.
8. The law protects married persons that own a home together from the creditors of one spouse.
9. You can protect assets for a couple by titling vehicles in the primary driver’s name.
10. Business owners should carefully consider the best way to title ownership of assets for the maximum protection from creditors.
Haans Mulder Jessica Arends [email protected] [email protected]
321 Settlers Road, Holland, Michigan 49423Phone: (616) 392-1821 | Website: www.holland-law.com
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