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Asset Protection Helping You Safeguard One of Your Most Valuable Assets

Asset Protection Attorneys in Tampa

Helping You Protect What Matters Most

Asset protection is the legal action of guarding your wealth, property, and other relevant assets from creditors. This may seem like something beneficial to only the ultra-wealthy, but everyone can benefit from an asset protection plan. With the help of a Tampa asset protection lawyer, you can successfully protect assets from possible bankruptcy, lawsuits, creditor claims, or other liabilities that may arise.

To learn how Devolder Law Firm can help protect your property, call our office at (813) 773-8233 today.

Medicaid Asset Protection Trusts

Along with ensuring certain assets won’t be touched by the above-mentioned entities, you can also put assets in a trust when you apply for Medicaid. By placing assets in a trust, you can rest assured that they will not be counted when you apply for Medicaid. This means that certain assets will not affect your eligibility and your chances of obtaining Medicaid increase. By becoming eligible for Medicaid, you may be able to receive care at home or in a nursing home. Additionally, by placing assets in a Medicaid Asset Protection Trust (MAPT), you can keep items safe for your children or other family members.

To create a legally sound MAPT, you must:

  • Determine which assets to place in the trust
  • Name one or multiple trustees (trustees you cannot name yourself or your spouse)
  • Create rules for the trust (determine how/when the trust should be used)
  • Create a trust that is irrevocable

Creating a trust before you need or apply for long-term aid is the best course when considering a MAPT. This is due to the fact that a MAPT is a violation when it is not set up at least 5 years prior to the date you apply for Medicaid.

Since the rules for a MAPT are strict, you should seek the help of a Tampa attorney experienced in handling asset protection. Not only have these attorneys created many of these trusts in the past, but they are also aware of the terms of MAPTs as well as what assets you should place in a trust.

Personal Care Contracts

A personal care contract is a legal agreement between a Medicaid applicant and an outside caregiver. Typically, nursing home employees in Florida are required to provide just 2 hours of care per resident per day. This means that nursing home residents are likely to spend the majority of their day with no personal care. For someone who requires more care, this set up is less than ideal.

If you are planning on living in a nursing home or assisted living facility and require more than 2 hours of care a day, you might benefit from a personal care contract. This legal arrangement can be between the Medicaid applicant and any other adult person.

This designated caregiver helps you with services not provided in an assisted living facility, such as:

  • Attending care plan meetings
  • Dealing with attorneys
  • Attending doctor’s appointments
  • Driving you to appointments or places outside the facility
  • Being an advocate for your health and wellbeing

A personal care contract can be used for people who continue to live on their own as well. As long as you are a Medicaid applicant and require personal care, you can create this arrangement.

A personal care provider for someone living at home does the above-mentioned tasks as well as the following:

  • Cooking
  • Cleaning
  • Assisting you bathe (if necessary)
  • Ensuring you take all prescription medications
  • And more

Let Us Help You Plan for the Future

Devolder Law Firm can help you determine which asset protection action would benefit your personal circumstances. Additionally, we can help you complete and submit your documents to ensure they are legally correct and increase your chances of approval.

Complete our online contact form or call us directly at (813) 773-8233 to schedule your initial consultation.

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