Shawn Weera Highlights the Benefits of Medicaid to Protect Marital Finances

Strategies can be complicated, requiring deep understanding of the requirements and regulations stated in Medicaid qualification.

Grand Rapids, MI - March 14, 2018 /MarketersMedia/ —

The need for long-term living and care has increased exponentially over the past century, but as people near their elder years, it often becomes confusing how to save up enough money and protect those finances to last through the end of life for both the individual and a spouse. Shawn Weera notes a related increase in the need for long-term care and assisted living. Such arrangements for an elderly spouse or family member often put funds at considerable risk due to the high cost of satisfactory care, fast approaching $100,000 annually. After working for a lifetime to secure comfortable, carefree golden years, Weera cautions clients to plan ahead to protect and preserve wealth when facing astronomical bills associated with elder care expenses. Using Medicaid planning as an important tool to fine tune client portfolios, Weera encourages advance preparation of a safe financial harbor.

Strategies can be complicated, requiring deep understanding of the requirements and regulations stated in Medicaid qualification as well as the legal principles in documents like the Deficit Reduction Act of 2005. First and foremost, Weera urges the engagement of a certified elder law attorney with significant knowledge in estate planning, filial support laws, and countable vs. non-countable resources before considering any financial moves. Critical details involving timing, selection of investments, and state laws in addition to federal regulations, must be carefully observed in order to achieve maximum asset conservation. As long-term care and nursing home costs are not covered by Medicare, planning for the effects of these expenses to financial status is essential.

Shawn Weera's individual approach, unique to each family situation, carefully considers a range of plans to identify only the most appropriate. Employing Medicaid as a planning tool, with suggested spend-down purchases lowering non-exempt assets, helps qualify some elderly patients for assistance. Paying off debts, credit cards, expenses, and pre-paying real estate taxes all work toward that end. While not usually appropriate for Medicaid planning, liquidating capital to a carefully chosen annuity can, in certain cases, turn holdings into income, ensuring a comfortable lifestyle while providing for adequate care of the ailing spouse. Identifying a non-assignable, non-transferrable annuity that satisfies regulations and avoids penalties can be very helpful, but Weera notes that this option requires meticulous oversight by a trusted expert. Additionally, leveraging long term care insurance may be a possibility if planning far enough in advance.

Qualification for Medicaid is complicated. Which items are exempt from consideration? Which are not? What is CSRA? Questions like these are the area of expertise for Shawn Weera, JD, MFP, and President of Shawn Weera & Associates in Grand Rapids, MI. With nearly two decades of legal experience, a bachelor's degree in accounting from the University of California at Los Angeles, and a Juris Doctor degree from Thomas M. Cooley Law School in Lansing, MI, Weera is highly qualified to make Medicare planning an important part of a personal acquisition strategy. A member of the Grand Rapids Bar Association, Weera is also a member of the National Association of Elder Law Attorneys.

Shawn Weera - Michigan Elder Law Attorney: http://shawnweeranews.com

The Elder Law Firm P.C. - Home - Facebook: https://www.facebook.com/MichiganElderLaw

Shawn Weera - On New Medicaid Estate Recovery Laws: https://finance.yahoo.com/news/shawn-weera-medicaid-estate-recovery-203800822.html

Contact Info:
Name: SWN
Email: contact@shawnweeranews.com
Organization: ShawnWeeraNews.com

Source URL: https://marketersmedia.com/shawn-weera-highlights-the-benefits-of-medicaid-to-protect-marital-finances/314336

For more information, please visit http://shawnweeranews.com

Source: MarketersMedia

Release ID: 314336

Latest News

Pip Pip Hooray: Pippa Middleton gives birth to baby boy

Oct 18, 2018

LONDON — Pippa Middleton, the sister of Kate, the Duchess of Cambridge, has given birth to a baby boy. A spokeswoman for Middleton and her husband James Matthews said Tuesday that their first baby had been born the day before. Kensington Palace says that Prince William and Kate are "thrilled for Pippa and James." The new baby will be a cousin to William and Kate's three children — George, 5, Charlotte, 3, and 5-month-old Louis. The baby was born on the day the palace announced that Prince Harry and his wife Meghan, the Duchess of Sussex, are expecting their first...

Facebook requires UK political ad buyers to reveal identity

Oct 18, 2018

LONDON — Facebook says that anyone who takes out a British political ad on the social media platform will now be forced to reveal their identity, in a bid to increase transparency and curb misinformation. The company said Tuesday that it will require any British political advertisement to carry a disclaimer explaining who paid for it. Other data on the ad buyers, such as the budget and number of people reached, will be archived for seven years in a publicly accessible database . Facebook users can also flag for review any unlabeled ad. If it's deemed political, the company will...

Tottenham opposes selling temporary Wembley home to Khan

Oct 18, 2018

LONDON — The chairman of Tottenham opposes the Premier League club's temporary home of Wembley Stadium being sold to a rival for both soccer and NFL. With building work on its own new stadium in London overrunning by several months, Tottenham has been rescued by the English Football Association by being granted longer use of Wembley for its matches than originally agreed. When Tottenham's new venue is eventually completed, it will be hosting at least two NFL matches per season under a 10-year deal in competition with Wembley and its prospective new owner. Shad Khan, who owns the Jacksonville Jaguars...

Harry and Meghan's baby would be 7th in line for UK throne

Oct 18, 2018

LONDON — A baby born to Prince Harry and Meghan, the duchess of Sussex, would be seventh in line for the British throne when it is born next spring. Here is the current line of succession to the British throne upon of the death of 92-year-old Queen Elizabeth II: ___ 1. Prince Charles, the Prince of Wales, eldest child of Queen Elizabeth II and Prince Philip 2. Prince William, the Duke of Cambridge, eldest child of Prince Charles and the late Princess Diana. 3. Prince George, oldest child of Prince William and Kate, the duchess of Cambridge. 4. Princess Charlotte,...

Prince Harry, Meghan expecting child in spring

Oct 18, 2018

LONDON — Prince Harry and his wife the Duchess of Sussex are expecting a child in the spring, Kensington Palace said Monday. The announcement came as Harry and the former Meghan Markle arrived in Sydney at the start of a 16-day visit to Australia, Fiji, Tonga and New Zealand. Hundreds of people gathered to catch a glimpse of the couple after they landed. "Their royal highnesses have appreciated all of the support they have received from people around the world since their wedding in May and are delighted to be able to share this happy news with the public," the...

Sign up now!