ASSET PRESERVATION

WHAT IS ASSET PRESERVATION AND WHY IS IT IMPORTANT?

Asset preservation, or asset protection, is the process of preserving your assets during your lifetime. If you expect that you may need long term skilled nursing care in the future, you should reach out to an lawyer before you need skilled nursing care.

The cost of long-term care is exorbitant, and good assisted living or skilled care nursing homes can drain away your hard-earned retirement savings. Many of our clients wish to pass on their wealth to their children or other loved ones.

WHY SHOULD I MEET WITH AN ELDER LAW ATTORNEY TO PROTECT MY ASSETS?

Regardless of who you choose to help you with your asset preservation, you should make sure that they are a qualified elder law attorney. If you live outside Kentucky, you can find someone qualified on the National Academy of Elder Law Attorneys website.

At Bluegrass Elderlaw, we are focused on helping you accomplish your goals. We do this by structuring a plan that allows you to live with dignity and pass on something to your loved ones. We use a variety of estate planning tools, which can include powers-of-attorney, gifting plans, beneficiary designations, wills, trusts, and personal service agreements.

Our team reviews all the potential courses of action with you and helps you understand your options. Together we evaluate the alternatives with you and help you plan for the future.

For more information, check out the Medicaid Planning section of our Resources page!