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

More Press Releases

Global shares rise as traders shrug off new China-US tariffs

Sep 19, 2018

TOKYO — Global shares were mostly higher Wednesday despite jitters over the escalating trade dispute between the U.S. and China. KEEPING SCORE: France's CAC 40 edged up 0.3 percent to 5,380.16, while Germany's DAX gained 0.2 percent to 12,185.36. Britain's FTSE 100 was flat at 7,301.46. U.S. shares were set to rise with Dow futures up 0.1 percent at 26,325. S&P 500 futures were flat at 2,911.80. ASIA'S DAY: Japan's benchmark Nikkei 225 added 1.1 percent to finish at 23,672.52. Australia's S&P/ASX 200 was up 0.5 percent at 6,190.00. South Korea's Kospi was virtually unchanged at 2,308.46. Hong Kong's Hang...

Asian shares rise as traders shrug off new China-US tariffs

Sep 19, 2018

TOKYO — Asian shares were mostly higher Wednesday, despite jitters over the escalating trade dispute between the U.S. and China. KEEPING SCORE: Japan's benchmark Nikkei 225 added 1.4 percent in early trading to 23,741.29. Australia's S&P/ASX 200 rose 0.4 percent to 6,195.70. South Korea's Kospi slipped 0.3 percent to 2,303.34. Hong Kong's Hang Seng advanced 1.0 percent to 27,355.73, while the Shanghai Composite also jumped 1.0 percent, to 2,726.27. TRADE TENSIONS: The administration of President Donald Trump has decided to impose tariffs on an additional $200 billion of Chinese goods. China responded by saying it will go ahead with plans...

The Latest: China's premier appeals for global support

Sep 19, 2018

NEW YORK — The Latest on the U.S.-China trade war (all times local): ___ 11:30 p.m. China's No. 2 leader has appealed for global support for free trade following tit-for-tat U.S. and Chinese tariff hikes in an escalating battle over Beijing's technology policy. Premier Li Keqiang said Wednesday in a speech to a business conference that disputes must be worked out through consultation. China announced a tariff hike on $60 billion of American imports on Tuesday in response to U.S. President Donald Trump's increase on $200 billion of Chinese goods. Speaking at the World Economic Forum in the eastern city...

Venezuela doubles down on Chinese money to reverse crisis

Sep 19, 2018

CARACAS, Venezuela — Venezuelan President Nicolas Maduro said Tuesday that new investments from China will help his country dramatically boost its oil production, doubling down on financing from the Asian nation to turn around its crashing economy. Already a major economic partner, China has agreed to invest $5 billion more in Venezuela, Maduro said following a recent trip to Beijing, adding that the money would help it nearly double its oil exports to China. "We are taking the first steps into a new economic era," he said. "We are on track to have a new economy, and the agreements with...

Markets Right Now: Markets shrug off trade and end higher

Sep 19, 2018

NEW YORK — The latest on developments in financial markets (all times local): 4 p.m. Investors shrugged off the latest escalation of trade tensions between the U.S. and China and sent stocks broadly higher on Wall Street. Major U.S. indexes on Tuesday gained back nearly all the ground they lost the day before. Technology and consumer-focused companies had some of the biggest gains. Chipmaker Micron Technology rose 4.1 percent and Netflix jumped 5 percent. Ferrari rose 4.2 percent after the sportscar maker announced a new lineup of models. The S&P 500 index rose 15 points, or 0.5 percent, to 2,904....

Subscribe to our newsletter!

Your Name

Your Email Address