Asset Preservation Planning
Asset Preservation is nothing other than using specific legal strategies and specific legal documents to protect your money for yourself, your spouse or your family. While most Asset Preservation strategies really only apply to the wealthy, there are strategies that the average hard working middle class family can take to protect themselves against the financial ruin that can result from long term care costs. These Medicaid Planning strategies are perfectly legal. These strategies are especially important when you or a loved one has been diagnosed with a long term progressive disease, and that is where asset preservation planning such as Alzheimer’s & Dementia Planning, Parkinson’s Disease Planning or Medicaid Planning are so important. Unlike the wealthy who often hide their money in another country, you cannot and should not attempt to hide your money to qualify for Medicaid because doing so is a crime. The Elder Law & Estate Planning Attorneys of Illinois, P.C. / Law Office of James C. Siebert & Associates, P.C. does not condone such behavior and will not advice, assist or in any represent any individuals or families where it is determined or disclosed that they engaged in such activity and if learned subsequently will immediately withdraw from representation. On the other hand, if someone wished to engage in Asset Preservation planning which will be disclosed as required by the law but which allow the Client to protect some of their assets for themselves, their spouses or families, then contact the Elder Law & Estate Planning Attorneys of Illinois, P.C. / Law Office of James C. Siebert & Associates, P.C. at (847)253-7500 today to schedule an appointment with an experienced Elder Law Attorney to discuss your options.
It is important to remember that none of these Asset Preservation strategies should be taken without the advice of an experienced Elder Law Attorney and depending upon the strategy without that Attorney conducting a detailed financial analysis to determine if such a strategy is right for you. While an asset protection trust may be the appropriate strategy for some, it is not for others. Some of these strategies may involve risk to you, your spouse or your family, leaving you unable to pay for long term care yet unable to qualify for Medicaid, and therefore it is essential that your Attorney explain to you and you understand how your current financial situation, your health and the current Medicaid laws interact to determine if Medicaid Asset Protection is appropriate for you and your family.
The Elder Law & Estate Planning Attorneys of Illinois, P.C. / Law Office of James C. Siebert & Associates, P.C. is experienced in assisting Clients and their families in determining whether Asset Preservation strategies are appropriate for them, and if so in preparing the documents necessary to implement any strategy. If you wish to investigate whether Asset Preservation is right for you, your spouse or your family, call the Elder Law & Estate Planning Attorneys of Illinois, P.C. / Law Office of James C. Siebert & Associates, P.C. at (847)253-7500 today to schedule an appointment with an experienced Elder Law Attorney.
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