September 7, 2004
By Michael Joseph
What would California Medicaid have anything
to do with asset protection? If your elderly parent
is forced to go into a nursing home due to medical
or age related hardship, Medicaid can seize that parents
assets to pay for long term nursing home care.
Now, while California is for all intents
and purposes a "creditor friendly" state,
Medicaid can still seize assets. To protect your elderly
parents and yourself use asset protection as a means
to secure assets and keep finances stable. If not,
assets can be seized leaving an elderly person penniless.
How do I protect the assets of myself and my parents?
By first investing time and effort in researching various asset
protection services, from attorneys, trusts, and offshore investment
groups that are reputable, all of which can be obtained from the
internet. Once you find a means that works for you simply research
the different means of protection until one that is flexible enough
to fulfill your financial needs.
Just keep narrowing the search with things like cost and availability
of services. If California is your home you might have gotten the
"flee to Nevada" bug, if this is the case many reputable
businesses have sprouted up to aid in asset protection California
business owners and individuals alike.
Remember, be proactive in your financial affairs and help your
parents to secure their legacies and your own so Medicaid can't
seize assets for things like catastrophic medical bills, long term
nursing home care, and other legal problems. If you don't practice
due diligence with your assets then you might have them seized at
the worst possible time in life and be left penniless and in debt.
None of us want to end up like that, doubly so for the elderly.
