Medicaid Planning and Asset Protection
At Crosswhite, Crosswhite & Johnson, PLLC, we help families and individuals protect their assets from creditors and government agencies by making use of available legal tools. Our attorneys have several decades of combined experience with estate-related concerns and a comprehensive understanding of both the law and how the law can be made to work favorably clients.
Our lawyers are well versed at asset protection. Simply put, asset protection is the use of trusts, gifting exceptions or business entities (such as the family limited partnership) and applying them in a legally permissible way that minimizes taxes and protects assets from claims made by creditors or the government.
In today's era of staggering long-term health care costs, asset protection planning is absolutely indispensable to anyone who owns their own home or other significant investments. Without an asset protection plan in place, you could be forced to sell your home or give up much of everything you've worked for, just to qualify for Medicaid benefits. Medicaid is often the only way for middle-class Americans to afford nursing home care. We can help.
Asset protection planning is also essential for anyone who owns a business. This is because a court judgment rendered against your business could mean forfeiting those assets — unless you have shielded yourself and your personal assets by choosing the correct business entity.
The good news in all of this is that our firm can help to develop and implement an asset protection plan that works. Better yet, it doesn't have to be as complicated as it sounds and it can often be accomplished at a reasonable cost. To schedule a consultation with one of our estate planning lawyers call our firm directly or contact us online.