How do I protect my assets from medical expenses?
Top 5 Steps to protect your Assets from catastrophic medical expenses:
- Secure a Health Savings Account Qualified (HSA) medical plan.
- Fund the tax deductible HSA to the maximum allowed by law.
- Purchase a critical illness product.
- Purchase a Long Term Care (LTC) policy.
Can I lose my home because of medical bills?
An unpaid medical provider can’t just seize your house at will. It’s possible to lose your home because of an unpaid medical bill, but it’s unlikely. Unlike a home loan company, a medical creditor doesn’t have a mortgage secured by a claim on your house. That makes it much harder to foreclose to collect what you owe.
Does the government track your transactions?
Federal laws prevent the government from tracking the financial transactions of citizens, without written permission, “except under limited circumstances.”
Are there any asset protection moves for doctors?
This technique often leads to the classic physician asset protection move of titling everything in your spouse’s name. While that is hard to recommend given that the risk of divorce is so much higher than the risk of a judgment above policy limits, it probably is an effective means of stymying your creditors.
How to protect your assets from medical debt?
If you need to sell your home fast to pay for medical bills and other debts, HomeGo is here for you. Sometimes it’s nearly impossible to protect your assets from medical debt. But it can be avoided, especially when you have HomeGo on your side.
What do you call a Medicaid asset protection trust?
Medicaid Asset Protection Trusts are also referred to as Medicaid Planning Trusts, Medicaid Trusts or less formally Home Protection Trusts. It is important to understand that there are many different types of trusts and not all of them are Medicaid compliant.
When do you need to preserve assets for Medicaid?
If you have too many assets, you may need to spend down before you can be eligible for nursing home care. For obvious reasons, many people want to preserve their assets for their spouse, children, or future generations. This is where Medicaid planning becomes very important.
If you need to sell your home fast to pay for medical bills and other debts, HomeGo is here for you. Sometimes it’s nearly impossible to protect your assets from medical debt. But it can be avoided, especially when you have HomeGo on your side.
Medicaid Asset Protection Trusts are also referred to as Medicaid Planning Trusts, Medicaid Trusts or less formally Home Protection Trusts. It is important to understand that there are many different types of trusts and not all of them are Medicaid compliant.
How are assets protected in an asset protection trust?
Asset protection trusts offer a way to transfer a portion of your assets into a trust run by an independent trustee. The trust’s assets will be out of the reach of most creditors, and you can receive occasional distributions. These trusts may even allow you to shield the assets for your children. The requirements for an asset protection trust are:
What can a medical practice do to your assets?
Once a medical practice wins a court judgment against you, they could use it to seize some of your assets. Depending on the laws in your state, a lien can be filed against your home and other accounts.