Asset Protection

Allaire Elder Law

Asset Protection

At Allaire Elder Law, we understand that no two clients have the same financial needs or goals. As one of the leading solution providers of asset protection, we understand that each of our clients have unique financial goals and objectives. We are dedicated to protecting your assets through innovative solutions that secure your possessions.

What Is Asset Protection?

Asset protection is the process of legally securing assets beyond the reach of creditors, litigators, and government agencies. Assets include bank accounts, real estate holdings, life insurance, vehicles, and other miscellaneous assets and holdings.

At Allaire Elder Law, we are dedicated to helping every client protect the assets they’ve worked so hard to attain. No matter where you are in your asset protection planning, we can help! We help seniors and their families protect their assets using a variety of strategies including special trusts, using Connecticut law to your advantage, and other legal arrangements.

Our firm has extensive experience helping our clients minimize their exposure to nursing home costs and to potential creditors. With careful asset protection, we can help you minimize any estate taxes, ensure your heirs are taken care of, and shield your assets from the nursing home, creditors and tax collectors.

Our experienced asset protection attorney can help you discover the best ways to protect your assets, promoting financial success. Proper asset protection will provide your family with security and peace of mind, knowing that their financial future is protected.

Protecting Assets

At Allaire Elder Law, we begin with a thorough financial evaluation. By analyzing your investment portfolio and property assets, we can determine whether an irrevocable trust, pooled trust, or another financial arrangement can work to your advantage. If you need help with healthcare planning for an elderly loved one, schedule an appointment with Allaire Elder Law. Our attorneys are happy to travel and meet with clients in Connecticut to develop thorough asset protection strategies.

A knowledgeable asset protection lawyer can assist seniors in understanding and establishing the following financial tools:

Irrevocable Trusts

An Irrevocable trust is a permanent entity designed specifically to protect your assets during lifetime, and to avoid the hassle of probate. An individual must transfer their assets into the trust, which becomes the owner, and a Trustee manages that trust. The person making the trust (“grantor”) can also be a Trustee. This transfer can protect your assets from being counted towards the $1,600 Medicaid eligibility limit. After the 5 year look back period has passed a Medicaid application cannot be penalized for this transfer, either. The Deficit Reduction Act, created by Congress in February 2006, changed the application rules for Medicaid. This act established what is known as a look-back period. This waiting period allows Medicaid to examine your finances over the five years prior to the application. Since the creation of this act, people who hope to qualify for Medicaid have to think five years ahead. Those who suffer from a chronic illness have to plan and transfer their assets at least five years before they need Medicaid in order to qualify without penalty. Last minute crisis planning options are available, particularly when there is a spouse, or a disabled child.

Pooled Asset Trusts

A pooled trust is a tool often used by senior citizens or those with long term disabilities to qualify for public benefits, such as Medicaid, without having to deplete assets totally. Pooled trusts are only available in some states and can be very difficult to understand.

Charitable Remainder Trusts

This is a specific type of irrevocable trust which generates income for the beneficiaries (one of whom may be the grantor), with the remainder of the assets, upon termination of the trust, donated to the selected charity/charities. This is often used as a tax planning strategy, for significantly appreciated assets, to ensure investment income is tax exempt while inside the trust (but taxes to the named income beneficiary upon receipt), or to allow for an immediate charitable deduction on the donor’s taxes.

Qualifying Annuities

This is money that iss funded using pre-tax dollars and may be elegible for a tax deduction when saving. When the money is withdrawn or distributed, is this subject to income tax.

Reallocation of Assets

Modifying the percentage of any given type of assets in one’s portfolio, which should reflect the changing expectations for an individual’s monthly bill needs and income sources to account for risk tolerance and time horizon.

Asset Protection and Medicaid

Our attorney can provide guidance to clients of all ages. Over decades of practicing Medicaid planning law in Connecticut, we have learned the elderly are not the only ones that require ongoing professional health care. Many younger people who suffer from illness or disability face the same issues. Qualifying for Medicaid can make a significant difference in the quality of long-term care or home care an adult child with a lifelong condition or a spouse with early onset Alzheimer’s disease will receive. By setting up a trust or transferring assets, you may be able to qualify for Medicaid coverage. Our attorneys can advise clients on transferring assets between spouses, establishing a trust for special needs, and keeping the family home while still qualifying for Medicaid.

Receiving the care and treatment you need as you age doesn’t have to automatically mean leaving your home and losing your assets. To learn more about we can help you handle asset protection and Medicaid, contact our attorneys at Allaire Elder Law today.

Asset Protection and Medicaid Benefits

Senior citizens across the United States find themselves facing a catch 22 when it comes to qualifying for Medicaid coverage. For many, qualifying for Medicaid means selling the home they’ve known for years, or spending the assets they’ve worked so hard to maintain. In many cases, adult children are forced to sell the parental home, since Medicare benefits do not cover in-home or nursing home long-term care needs for their parents. An attorney experienced in asset protection and Medicaid can assist and advise the elderly in keeping their home and avoiding the depletion of their assets.

Why Choose Allaire Elder Law?

At Allaire Elder Law, we are dedicated to providing senior citizens with high-quality asset protection services. We help seniors develop asset planning strategies. Our practice is committed to protecting the financial future of seniors and their families, helping them maintain control of the assets they’ve worked hard to earn. By helping our clients protect their assets, we make it easier for our clients to protect the financial future of their family.

We can assist in helping protect:

- Home
- Savings
- Investments
- Property
- Income

- Family
- Caregivers
- Estate
- Heirs
- Heirlooms

Are you ready to learn more about asset protection? Contact us today!

Testimonials

What Clients Say

Halley and her team, both Halley & Jessica specifically were amazing. Being out of state, and learning CT laws for Medicaid, Wills, POA and all other applications to ensure that my parents were taken care of... Read More.

It is a terrible thing to outlive your assets. My sisters and I were referred to Attorney Allaire in order to plan for the caring of our now 96 year old mother. We realized that, even with all the help available from resources... Read More.

My sister and I are soooo thankful for Attorney Allaire, Charlotte, Amanda and the rest of the staff for ALL of their help and expertise with our parent’s elder care needs. It started years ago with the basics: wills, power... Read More.