It is important for someone with Alzheimer’s to take steps in protecting assets from the potentially devastating costs of long-term care. Asset preservation planning is effective in reaching this goal, but a concern we often get comes in the form of the question, “Is this planning legal?”
The answer is – Yes, protecting assets through asset preservation planning is perfectly legal. Absolutely everything that we do is above board and completely within the law.
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, discusses another topic covered in The Alzheimer’s Guide: Practical Advice for Families, Caregivers and Professionals and offers assurance of the legality of protecting assets, with asset preservation planning, from the potential devastating financial loss associated with paying for long-term care.
Is Protecting Assets From Long-Term Care Costs Legal?
Hi, I’m Wes Coulson and this is your Elder Law Minute. This is another in the series of topics that are covered in greater depth in our Alzheimer’s Guide.
You’ve probably heard me, in other videos, talk about the importance for someone with Alzheimer’s to take steps to protect their life savings from the potential devastating financial loss associated with paying for long-term care. And, I’ll have people say, “Well, gosh, is that legal? Is it legal to hide assets?”
Well, let me make one thing clear first. We’re not hiding assets. Absolutely everything that we do is above board and it’s absolutely within the law. Let me give you an analogy that I think fits very well here.
Every year you file a tax return, and when you do that, within the law there are exemptions that you can take, there are deductions and credits that you can claim. If you’re wise, and honest as the day is long, you will look for the ones that do or may apply to you so that you can reduce your tax burden to the extent you can within the law. Now, doing that doesn’t make you a tax cheat, it simply means that you’re saying, “Okay, government, you’ve said I have certain responsibilities but there are limits on those responsibilities and I am going to protect myself to the extent I can within the law.”
So, that’s the same thing that you’re doing here. The government doesn’t hate you for doing it. You’re not cheating, you’re simply protecting yourself and your family within the law and you really ought and need to do that. Thanks.
For more information on Alzheimer’s Guide Topics, visit these articles
- Alzheimer’s and the Five-Year Look-Back Period: The time to plan is NOW!
- Essential Legal Documents Anyone With Alzheimer’s Needs to Have in Place
- Immediate vs. Springing Powers of Attorney: Which is better for someone with Alzheimer’s?
“Your Trusted Advisor on the Elder Care Journey”
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 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.