Disease-Related Financial Disaster Could Do You In If Disease Doesn’t…

asset protection from financial disaster

Asset protection is a topic many people avoid until it’s too late – until a financial disaster is looming or upon them,

What do I mean by “too late” when discussing causes of financial disaster? I mean once you’ve been diagnosed with a serious illness requiring treatments that cost a fortune. Cancer is one of those diseases that can ruin people financially.

I hear stories everyday about people who had to go bankrupt after or while in the middle of paying their medical bills. It makes me want to shout from the highest rooftop, “PUT AN ASSET PROTECTION PLAN IN PLACE BEFORE YOU GET SICK!” If you never get sick, fantastic, your assets will be available to leave to someone or some organization you love.

How do you guarantee that your life savings and accumulated wealth will remain yours? How do you survive unexpected medical expenses? Here’s how: Take proactive steps to protect your assets. An asset protection strategy put into place well in advance of the need is your peace of mind against future liability. The key is to get the right information and then to take action.

Single Largest Source of Personal Bankruptcies

The single largest source of personal bankruptcies in the United States is debt resulting from medical bills. According to NerdWallet Health, some 57% of U.S. personal bankruptcies can be directly tied to medical bills (and that’s excluding factors such as related job losses, which push the percentage higher).

You Can’t Depend On Insurance Coverage to Prevent Financial Disaster

Even if you have health care coverage, that doesn’t mean your insurance will cover your medical costs. California’s largest insurers denied 13.1 million claims in just the first three quarters of 2010. That amounted to 26% of all claims submitted. For example, of these insurers, PacifiCare denied 43.9%–Cigna 39.6% and Anthem Blue Cross-27.3%.

Also, your coverage could have a cap. But what if your medical bills are twice what you are allowed. I’ve had clients come to me with $1million dollar medical bills and their insurance coverage had a $500,000 lifetime cap.

Asset Protection Can Shield Your Home And Savings From Lawsuits

If you were in a serious accident or were diagnosed with a serious illness, you received treatment and you were unable to pay your medical bills, the hospital could sue you for payment. Having a solid asset protection plan could potentially protect your home, the equity in your home and your savings from being ravaged by the lawsuit. That all depends on when the asset protection plan was put into place. It must be well in advance of any lawsuit filing.

I’m Begging You

No one wants to get seriously ill or injured. But, life happens. The unexpected happens. All I’m asking you to do is to put a plan in place for the unexpected. If nothing unexpected happens, you’ll have a nice gift to leave your heirs. But, don’t wait. Take action now. Please call our office to schedule an appointment to discuss Estate and Asset Protection as soon as possible. You don’t have to expect the unexpected, just have a plan in place to deal with it should it occur. We can help you with that.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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Stacy McKenzie

21:58 07 Feb 24

Shannon and her team were great. Went in for a consultation and got my money worth. She explained and made sure we understood. I will be using them in the future.

Diane J

23:10 24 Jan 24

Waheed Hamid

18:55 17 Dec 23

We had excellent service from Shannon and her team, they are true professionals and helped us and explained every step in the process. We highly recommend The Estate and Asset Protection Law Firm.

Virgil Price Young

20:16 18 Jul 23

Stephanie Deal

15:22 07 Jul 23

My father and I recently used the estate, an asset protection, law, firm for new wheels, new, power of attorney’s, and a creation of a trust. Brooke and her entire team could not have been more helpful and more professional! We loved working with them, and they took everything seriously therefore I didn’t have to worry about a thing. I highly recommend everyone at the law firm.

Barry Amos

01:22 01 Jul 23

Great firm. Had answers to all our questions and explained everything clearly. Never felt rushed to make a decision Could not ask for a better experience. Every one we dealt with was professional and knowledgeable. We highly recommend this firm for estate planning.

Lee Jay

21:30 28 Jun 23

Shannon provided invaluable information regarding a family estate matter. Although her firm did not quite fit our immediate needs, the consultation was informative and extremely HELPFUL! Shannon clearly explained what our next steps should be and offered to assist if we had any questions along the way. Her expertise and willingness to help puts her in a league of her own!

Alice Guppy

02:01 23 Jan 23

Shannon and everyone at The Estate and Asset Protection Law Firm are professional, very knowledgeable, and a pleasure to work with. They answered all our questions in great detail and the plan they developed for us is exactly what we need to protect our assets and estate as we age especially with my husband's health issues.

Lynn McKibbin-Moore

23:09 24 Feb 22

My husband has dementia. This firm has been patient, kind and professional while we went through a move from a house of 37 years in to a condo to be closer to my daughter and her husband. (Miami to Atlanta). There was also a wedding. All in 6 months.We now have a trust, power of attorney. Wills for my daughter and her husband and more. All at a fair price. I could not recommend higher.

Tammy Lee

22:03 29 Jan 22

Shannon Pawley and her team are exceptional at helping families navigate tough situations. We began working with her upon finding out my father had Stage 4 kidney cancer. His decline was more rapid than expected.Attorney Pawley and her entire team expedited paperwork that allowed me to focus on my father’s care, make decisions that suddenly needed to be made for him medically and financially, and has allowed me the ability to focus more on grieving and less on legal matters upon his passing.It is obvious she is knowledgeable about the best ways to navigate estates to protect the assets for the owners and their loved ones. It is just as obvious that she is passionate and has true heart for what her clients go through.We will be using her for own estate needs, and I recommend her expertise to everybody I can.This service is worth every penny we paid as it has saved us more money and time than I could imagine.

H Jessie Brewer

18:26 18 Nov 21

Attorney Shannon Pawley and paralegal Alexis McCoy are legal professionals that my wife and I highly recommend. Their grasp of the Georgia law pertaining to Medicaid assistance and the interworking's of the State department is exceptional. Additionally, their client-attorney relationship skills are excellent. We wouldn't hesitate to use this law firm again should the need arise.

Dawn Hardy

15:06 13 Nov 21

Shannon and her team are the best! They listened to my needs and provided the best advice. They are patient and professional as well as personable, they didn't make me feel like I was just another client. Highly recommend!