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New Albany Asset Protection Lawyer

We make plans to get together with friends and plans to go away on vacation, but many of us delay making plans for our care as we age. Such an important issue may seem like an overwhelming prospect, but it doesn’t have to be.

Consulting with an experienced New Albany elder law attorney can help you get organized, identify your goals, and prepare for what’s ahead. Whether you are years away from needing long-term care or already have a loved one in a nursing facility, there are tactics and tools that can be implemented to help protect assets from the high costs of such care.

Why Choose Us?

Our New Albany asset protection lawyers at Church, Langdon, Lopp, Banet Law have guided many people through the estate planning process efficiently and effectively. When you’re ready to discuss developing such a strategy for you and your family, we are here for you.

We understand the sensitive nature of these topics and are committed to providing each of our clients with personal attention. While asset planning may not be easy to talk about, we encourage you to speak candidly about your wishes so that together we can map out the best route possible for taking control of future healthcare challenges.

We want to be the advisors that you trust to find solutions. We are committed to helping you quickly and as affordably as possible. We will represent you and ensure that your wishes are followed through.

To discuss your situation and options, contact our office by calling (812) 725-8224 or filling out our online form.

How Our New Albany Asset Protection Lawyers Can Help

We can help provide asset protection strategies. There are some gray areas when it comes to asset protection laws within each state. In an effort to help clients work within the laws, a wide variety of asset protections strategies have been put into use. We help you determine which strategy is best for your situation.

To determine the best strategy, we consider your financial situation, as it has a direct impact on your assets. When going through your finances, we review which properties can be protected, transferred, and subjected to a lawsuit. This is why it’s critical to be honest about the entire situation and any litigation that could come about in the future. If we don’t have the proper knowledge of your current and potential future situations, our asset protection lawyers cannot implement the right protection strategies.

A New Albany asset protection attorney may use a few strategies when working with you to determine which strategy is most effective.

Limited Liability Companies

An asset protection lawyer might recommend, if you are a business owner, that you create a limited liability company (LLC). Creating an LLC can protect personal assets from lawsuits or creditors who may attempt to take advantage of your business. There are some limitations when creating an LLC because it creates a separate identity for the business and its owners.

However, you are still liable for any debts that may occur from your company including bankruptcy. The good news is these debts won’t impact your personal account or family home. If someone files a claim against your business, all your personal assets are protected.

Liability Insurance

An asset protection attorney might recommend using liability insurance as a line of defense. This insurance protects the buyer from lawsuit liabilities. If this isn’t something you already have, we will absolutely recommend it. Liability insurance is a strategy that can be used for homes and businesses.

Retirement Account Contributions

Another strategy a New Albany asset protection lawyer may recommend is to maximize the contributions you make to retirement accounts, pension plans, etc. This is a smart way to shield your assets from potential lawsuits and creditors. When you deposit money into these accounts, it is not subjected to lawsuits or court judgments under federal Employee Retirement Income Security Act (ERISA) laws.

Long-Term Care Costs

The cost of long-term care depends on variables including location, provider used, and type and duration of care needed. For example, some nursing facilities have all-inclusive fees, while others charge extra for services that go beyond the basic amenities. Health aides who make home visits are generally more expensive in the evening, on the weekend, and on holidays.

According to the American Council on Aging, here are the costs you could expect to pay statewide in Indiana:

  • $235 per day or $85,775 per year for a semiprivate room in a nursing home
  • $279 per day or $101,835 per year for a private room in a nursing home
  • $3,693 per month for care in an assisted living facility (for a one-bedroom unit)
  • $20 per hour for a home health aide
  • $19 per hour for homemaker services
  • $80 per day for services in an adult day healthcare center.

Statewide long-term care costs in Kentucky are estimated at:

  • $241 per day or $87,965 per year for a semiprivate room in a nursing home
  • $265 per day or $95,265 per year for a private room in a nursing home.

Why Informed Decisions Matter

No matter what your age or what state you live in, you can benefit from making an informed decision on how best to preserve your independence, your home, and your savings. Once you are over age 65, you can apply for Medicaid, a benefits program jointly administered by the federal government and the states. Medicaid kicks in to help pay for nursing home care only for people who meet certain income and asset levels.

Among the many complexities of the Medicaid system is keeping up with all the changes including the allowed amounts, which change annually. The “lookback rule” is one of the reasons it’s important to plan ahead. Under this rule, eligibility for Medicaid may be denied if the person going into the nursing home transferred assets for less than fair market value within 60 months before his or her application for Medicaid benefits.

Whether you are a single or a married Medicaid applicant, an assessment of your resources is made. For a married couple, whether an account is in your name or a spouse’s name, all of your nonexempt assets are combined. This amount is then used to determine the “spousal share,” the amount the government will allow the at home spouse to keep. If the applicant’s resources or income are one penny too high, the applicant will not receive Medicaid benefits.

At Church Langdon Lopp & Banet, we use the Medicaid rules for your advantage. Often, for a married couple with an at home spouse, we can preserve nearly 100% of your resources. For a single person applying for Medicaid benefits we can often save at least half of your resources. Remember, half of something is better than all of nothing. If that single Medicaid applicant has been proactive, we can often preserve even more of his/her resources. As such, it is never too early to plan.

Legal Procedures and Agreements

If you don’t have legal contracts and procedures in place, you are risking the possibility of losing your assets to creditors. As licensed professionals, we can help draft these agreements for you and ensure you are following procedures correctly to keep assets safe. When you have a well-crafted and thought-out asset protection plan, it is a great tool to use to protect yourself and your assets. A skilled asset protection attorney can use it as leverage to convince a creditor to settle out of court when needed. Even if a creditor attempts to get through your plan and goes through the expense of a lengthy trial, the plan can protect you.

Our Asset Protection Lawyers Answer FAQs

Below are a few of the most frequently asked questions answered by our New Albany asset protection attorneys at CLLB.

  • Which States Allow Asset Protection Trusts to Be Created?

    There are certain states that allow the creation of a domestic asset protection trust. Those states are Alaska, Delaware, Hawaii, Missouri, Nevada, New Hampshire, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Utah, Virginia and Wyoming.

  • Should I Consider Creating an Asset Protection Trust?

    If you are in a high-risk profession, such as a doctor, and are wealthy, you may want to consider creating an asset protection trust. A trust can help protect your assets from being a target to creditors. Your net worth may also make you a target. In some cases, individuals use an asset protection agreement.

  • Are There Tax Implications to Creating an Asset Protection Trust?

    There are situations when an asset protection trust can reduce or eliminate tax liability for state income tax purposes. When an asset protection trust is in place, it can remove assets from the grantor’s estate. Even if the assets are removed for tax purposes, the grantor is still able to benefit from the assets in the trust.

If you have additional questions, contact our asset protection lawyers today at (812) 725-8224.

What Else You Should Know

Both outright asset transfers to family members or to a trust for the applicant’s benefit have advantages and disadvantages. For example, an outright transfer is subject to the whims of human nature. That is, you could end up having a bad relationship with the child you gave your assets to, or your assets could be swallowed up by that child’s divorce, bankruptcy, creditors, bad investments, or spending habits.

On the other hand, you do not have access to the money in a trust and the trustee cannot have any discretion to distribute trust principal to you, or else the principal will be considered a resource for Medicaid purposes.

While it is not illegal to structure one’s assets in an effort to qualify for Medicaid nursing home benefits, it is a crime to hide assets for that reason. Not sure of the difference? Consult our New Albany elder law attorney. They can advise you on what can be done within the confines of the law.

Contact a New Albany Asset Protection Lawyer at CLLB Today

Whatever your situation or hopes for the future, the New Albany, asset protection lawyers at Church, Langdon, Lopp, Banet Law can help. We understand the issues and can guide you through the planning process. We will work closely with you and help you make the best decisions possible.

We have worked with many families, and we look forward to working with yours. For skilled and knowledgeable representation, contact us by calling (812) 286-2735 or filling out our online form.

Based in New Albany, Indiana, we proudly serve communities throughout Kentuckiana including, but not limited to, Jefferson County (KY), Floyd County (IN), Clark County (IN), and Harrison County (IN).

Client Testimonial

”Very nice and professional with exceptional knowledge of the laws, courts and Judge’s in the area! They made me feel comfortable and made everything easy for me. I am WOWED by Gary and his staff!!!” – Poppy Cobb (Google Review)

Attorney Steve Langdon

Licensed to practice in both Indiana and Kentucky, Steve Langdon is an experienced elder law and trial attorney. In addition to his litigation and trial work, Steve’s practice includes wills, trusts, probate, Medicaid planning, guardianship, powers of attorney, and advanced directive planning, including living wills and health care surrogate designations. [ Attorney Bio ]

Attorney Gary Banet

Gary is licensed to practice law in both Indiana and Kentucky. He concentrates his practice in estate planning, estate and trust administration, estate and trust litigation, guardianships, elder law and special-needs planning. Gary earned his J.D. from the University of Louisville, Louis D. Brandeis School of Law, and formerly practiced law at Bingham Greenebaum Doll and Wyatt, Tarrant & Combs. [ Attorney Bio ]

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