Asset Protection for Individuals and Families in St. Petersburg
Personal Service Contracts ∙ Medicaid Planning
Without proper planning, health care expenses late in life can quickly consume all of your savings. Planning for your financial future can help you keep more of what you have earned and provide for your needs outside of medical care.
At the estate planning firm of Carole A. Banks, P.A., I help clients explore options that will protect the money they have worked hard to earn in the years to come. To schedule a free initial consultation in my St. Petersburg, Florida, law office, call 727-498-1379 or e-mail me.
Personal Service Contracts
A personal service contract is a Medicaid-approved contract that allows an individual to shift their remaining assets into a family member's name. This sets aside the reserved money for personal use — providing for the extras in life that otherwise would not be covered through Medicaid, like clothing, hair appointments and transportation.
Medicaid Planning
Medicaid planning in advance of actual need can give an individual more control over his or her assets. Medicaid will not cover basics like dental care or hearing aids. When these expenses arise, family members may be financially responsible.
Through proper Medicaid planning, arrangements can be made to ensure you have enough money to maintain aspects of your current lifestyle while on a restricted income. I am attorney Carole Banks, and I can help you generate a financial plan that places your assets into a Medicaid-qualified account. We can discuss other options when we meet in a free consultation.
Find out more about wills, trusts and other estate planning tools that can help preserve your assets.
To discuss additional asset protection options, contact a lawyer in St. Petersburg today by calling 727-498-1379.
