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You spent your life working hard and making smart decisions. Now it’s time to consider what happens to your legacy if you are impacted by a sudden illness or pass away. Asset protection is about planning for the future and making sure you are ready for whatever happens next.
You’ll want to pass on what you’ve built to the next generation. Our asset protection planning lawyers in Naples can help you devise a strategy that meets your and your family’s needs.
Our team at the Siegel Law Group, P.A., has more than 100 years of combined legal experience. We serve seniors and their families throughout South Florida. Call to schedule your free consultation to find out how our estate planning lawyers in Naples can help.
How Our Attorneys Can Help Protect Your Assets
Creating a plan to protect your assets is always smart, no matter your age, but it becomes even more important as you get older. Concerns such as Medicaid planning and leaving your legacy to your loved ones take on more significance. Don’t wait to take action.
A well-constructed estate plan puts important documents and legal protection in place to safeguard your assets from creditors, lawsuits, and even Medicaid. Our asset protection planning attorneys in Naples can draft documents and offer advice on legal tools like:
- Last Will and Testament
- Durable Financial and Healthcare Powers of Attorney
- Advance Healthcare Directive
- Irrevocable Trusts
- Revocable Living Trusts
- Medicaid-Compliant Annuity
- Beneficiary Designations
- Florida Homestead Exemption
For a free legal consultation with an asset protection planning lawyer serving Naples, call 561-955-8515
Medicaid Planning in Florida
When many older people think about asset protection, a nursing home admission requiring them to apply for Medicaid is their main concern. Medicaid is a health insurance program run by the federal government and the state of Florida that’s intended for disabled and low-income people.
Many older people and their families encounter Medicaid after a nursing home admission. When residents can’t afford their full cost of care each month, they are required to spend down their assets until they meet Medicaid’s asset thresholds.
Our Naples asset protection planning lawyers can help you prepare well ahead of a potential nursing home admission so that you can keep more of what you have earned.
Medicaid Spend Down Process
You can disperse your assets in very specific ways and remain eligible for Medicaid, but you can’t simply transfer or give your assets away. While every case is unique, often you can use your asset for things like medical care, debt payments, and personal needs.
Medicaid Lookback Period
Medicaid doesn’t only consider your current assets when determining eligibility. There is also a five-year lookback period where they review all asset transfers you’ve made in that time. To maintain eligibility, any disbursements must have complied with regulations.
Medicaid Estate Recovery
After you pass away, Medicaid can look to your estate to recover the funds the state expended on your nursing home care. While there are some limitations, this can potentially mean your loved ones lose a cherished asset like a family home.
While Medicaid is often helpful for nursing home residents, the lookback period and estate recovery program both illustrate the need to plan for asset protection as soon as possible. For many people, this means around retirement age.
Naples Asset Protection Planning Lawyer Near Me 561-955-8515
How the Homestead Exception In Florida Applies to Asset Protection
Florida’s Homestead Exemption is established under Article X, Section 4 of the Florida Constitution. It protects your main home from most creditors, meaning they usually cannot force its sale to pay debts. Protection is based on land size, not home value.
To qualify as a homestead, the property must be your permanent primary home, located in Florida, and owned by an individual rather than a company. The land size is limited to half an acre in a city or 160 acres outside a city, with no value limit.
Homestead protects your home from many creditor claims. Even if a court enters a large judgment against you, creditors usually cannot force the sale of your homestead to collect the money. However, it does not always protect your home from Medicaid recovery after you pass.
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Get Help from an Asset Protection Planning Attorney in Naples
With smart planning, you can protect your assets for future generations, shield them from lawsuits, and hold onto more of what you have built while remaining eligible for Medicaid. Without a plan, you risk losing your legacy to creditors or the government.
It is important to start early and to get the help you need along the way. Our asset protection planning attorneys in Naples will help you prepare your estate plan and draft important documents that can preserve your home, wealth, and other assets.
Siegel Law Group, P.A., can provide the legal guidance you need to help you protect what matters. Call today to schedule your free consultation and tell us about your estate planning and asset protection challenges.
Call or text 561-955-8515 or complete a Free Case Evaluation form