Protecting Your Assets from Nursing Home Costs, Creditors and Taxes

As an Orlando Asset Protection Attorney I understand that you have worked hard to save your money, and our firm will ensure it is skillfully protected. I help protect the hard-earned assets and investments of individuals throughout the Orlando, Winter Park, and Altamonte Springs area from probate, nursing home costs, unnecessary estate and income tax consequences, and lawsuits.

Many people think asset protection is an endeavor only for the wealthy. For high-asset individuals, this is undeniably true. Yet anyone with net worth should consider safeguarding their wealth. Everything you have worked so hard for may be at risk if you do not have a proper plan of action: learn your worth by valuing your property, and protect what you have.

What Exactly Is Asset Protection?

Protecting your assets involves planning your estate in the event you become disabled, and planning for the event of your death, making sure that your assets and property go to the heirs you choose. You want to minimize taxes as much as possible.

Asset protection includes the careful creation and use of Wills, Trusts, Durable Powers of Attorney, Gifting, Estate Tax Planning, and Living Wills. These essential legal instruments have important functions that protect you and your assets while you are living and to protect you when you pass. These documents can also protect your beneficiaries from unnecessary taxation that can drastically reduce their inheritance.

What Will a Florida Asset Protection Attorney Do?

By combining an estate plan with an asset protection plan, I can help you minimize estate taxes, and make sure your heirs are taken care of upon your death. I can help protect your assets from creditors and wasteful heirs. Most of all, I can help you transfer your assets in a way that gives you the most control over the process and the outcome.

It’s important to consider tax advantages and deductions when working out asset protection planning. It’s not always “the less taxes you pay, the more assets you will preserve.” Sometimes it can be better to waive some tax deductions in order to maintain a certain tax status.

Protect Assets From Nursing Home Costs

Is a family member in need of in-home care, assisted living or nursing home care? Do you worry about how to pay the tremendous financial cost of that care?

Senior citizens and their families should not have to resort to selling valuable property or spending their life savings paying the astronomical costs of long term care. As an Orange County Estate Planning Attorney, I can help you prepare for Florida nursing home care and important government benefits programs, without going broke in the process. I use very effective legal strategies to preserve some or all of your family member’s life savings.

I will work with you to use the systems in place so that you can qualify for Medicaid and Veterans benefits while protecting your nest egg. I have significant knowledge of the complex process of Florida Medicaid qualification, Social Security, Veterans benefits, tax codes, and legal techniques for sheltering assets.

I have a great deal of experience in the legal methods that can help safeguard your family’s assets and preserve as much of the available wealth as possible. Learn more about my practice in Elder Law and how I can help.

Protecting Your Assets from Creditors

Asset protection is a legal way to keep your property safe from being taken to settle a lawsuit or creditor judgment. If you have a bank account and own a home, rental property or investments, it may be wise to take measures to protect your assets from creditors and predatory lawsuits. Creditors can surface when you least expect them to, from someone who was injured in a car accident, to injured tenants or divorcing spouses.

Is Your Future in good hands?

I believe knowing that your long term needs will be met—that your assets will be protected, and a strong plan is in place should the unthinkable occur—is invaluable.

Your property and your money are of incredible worth to you and your loved ones. Providing for your future requires skilled legal judgment. It takes a thorough understanding of estate planning and the application of very specific language in your legal documents to allow for customized asset protection.

To find out more, get in touch with Florida asset protection Attorney Kathleen Flammia.