Protect Your Assets from the Government and Long Term Care Costs

Long Term Care and protect your assets georgia

Wonder how you can protect your assets?

Have you put much thought into how to protect your assets? As a practicing Estate Planning, Elder Law and Asset Protection attorney, I meet hundreds of people each year. One of the questions I get all the time is…

“How can I protect my assets from the government and long term care costs?”

If that is your question, particularly in light of the uncertainty we are facing with a new President, let me assure you, you are not alone. However, in order to answer that question for you and be able to determine the easiest way to help you protect your assets I must know the specific types of assets you own. I do know that for many people, a large portion of their assets is an IRA or other form of qualified (not yet taxed) money.

With that in mind, I also see much confusion and frustration among people trying to understand all the rules regarding their IRAs. One of the primary reasons for this confusion is that most people get their financial information from several different sources. And we know what happens in that kind of situation. Ask 5 different people their opinion on one subject and you’ll come back with 5 different opinions!

Different Services Have Different Objectives

Financial services are no different. Each financial source focuses on a different issue. For example, the number one goal of accountants is typically to minimize taxes. The focus of financial advisors is typically on maintaining and growing the IRA. And when you turn to an estate planning attorney, you’ll find their focus is usually on making sure that the beneficiary of your IRA actually gets it.

A Singular Guide To Focus on Your Goals

The problem is that you are left to your own devices when it comes to your overall goals. That can be like trying to herd cats when you have different sources with different objectives. If only you knew how to do that! This is when the service of an Asset Protection attorney is invaluable.

As an Asset Protection attorney, my first objective is to identify your overall long-term financial goals. Once I understand your goals, then and only then, can I begin to teach you the laws and rules relevant and helpful to your specific circumstances. Then I can work with your other professionals to ensure that together we accomplish your goals.

What You Might Discover

Many people are surprised to discover that saving income taxes today is not as great as it’s made out to be. Another area of discovery is that taking your IRA money either too soon or too late, leads to significant penalties. In addition not understanding how your state Medicaid department treats IRAs can result in you losing your entire IRA to long term care costs. And, did you know that subjecting your IRA to estate taxes can result in your beneficiaries only getting pennies on the dollar? Or that naming your beneficiaries as beneficiary on your IRA actually “unprotects” it?

Working with an Asset Protection attorney will arm you with powerful knowledge to protect your assets

This is knowledge you won’t be privy to when working with separate individual sources. You really don’t want your hard earned money to go to the government or to be decimated to pennies.

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!

Connect With Us

Strategy Session

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!