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Hershey Middle-Class Asset Protection Attorney

Hershey Middle-Class Asset Protection Attorney

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We Help Middle-Class Families in Hersey Protect Assets and Preserve Wealth 

At Keystone Elder Law P.C., our Hershey middle-class asset protection attorneys are committed to protecting families from the financial risks that come with aging. You deserve personalized legal representation. If you have any specific questions or concerns about wealth preservation strategies for middle-class families, we are here to help. Contact us today for a confidential consultation with a top-tier Pennsylvania asset protection lawyer. 

Middle-class families Face Serious Financial Risks from the Cost of Aging

Middle-class families are increasingly vulnerable to significant financial burdens due to the escalating costs associated with aging. Unfortunately, many people are struggling to afford long-term care and medical expenses not covered by insurance—especially in an era of heightened inflation. Here is an overview of three major financial risks to your life savings: 

  • Long-Term Care Costs: The most daunting financial risk for aging individuals in Hershey is the cost of long-term care. Here is the issue: A private room in a nursing home in Dauphin County, PA runs into the six figures annually. Long-term care costs are extremely high—and they are not covered by Medicare. Instead, Medicaid is the government program that provides long-term care coverage. To qualify for Medicaid, you often have to spend down your assets. In other words, long-term care costs can eat away at your life savings if you lack a proper plan. 
  • Creditor Claims: Estate planning also must account for the potential impact of creditor claims. Debts and obligations of the deceased can be claimed against the estate, reducing the value of assets passed on to heirs. There are some proactive strategies that you can use to protect your estate against lawsuits and other potential creditor claims that may pose a risk. 
  • Taxes: Taxes are an important consideration in estate planning. Inheritance taxes, estate taxes, and even income taxes on inherited IRAs can all reduce the amount beneficiaries receive. Proper planning can help protect your assets so that you can leave the most to the people and causes you care about. 

Understanding Your Options to Protect Assets and Preserve Wealth

Wealth preservation is important for more than just the very wealthy. Middle-class families need a proactive asset protection strategy to protect their life savings from the risks of getting older, especially the risk posed by long-term care costs. There are a number of different options available. A Hershey estate planning attorney can help you find the best solution for your family.  Here is an overview of some of the most effective strategies for asset protection for middle-class families: 

  • Medicaid-Compliant Trust: Through a Medicaid-compliant irrevocable trust, you can protect assets from long-term care cost risks. These trusts are designed to protect assets from being counted for Medicaid eligibility—allowing individuals to qualify for long-term care benefits without depleting their resources. An irrevocable trust must be at least five years prior to a person’s actual long-term care needed to ensure effectiveness. Medicaid has a five-year lookback period. 
  • Early Gifting: Using the annual gift tax exclusion, you can give away assets or money each year to your heirs without incurring any tax liability. In doing so, you will reduce the size of your estate over time. The strategy not only helps protect assets from certain risks—such as long-term care costs—it also allows you to see your beneficiaries use and enjoy their inheritances during your lifetime.
  • Irrevocable Life Insurance Trust (ILIT): By placing life insurance policies within an ILIT, the proceeds from the policy are not included in the taxable estate. In some cases, it could reduce taxes and provide liquidity to heirs. 

How Keystone Elder Law Can Help With Middle-Class Asset Protection in Hersey, PA

You worked hard to earn your life savings. Now you need to protect it from the costs of getting older. At Keystone Elder Law P.C., we are a law firm committed to providing personalized wealth preservation support to middle claims families in Pennsylvania. Among other things, our Hersey estate planning attorney is prepared to: 

  • Conduct a comprehensive, confidential evaluation of your case; 
  • Help you evaluate risks to your wealth and asset preservation options; and
  • Develop a comprehensive asset protection plan to best secure your future.

We believe that every middle-class family in the Keystone State deserves the top-tier, attentive estate planning guidance that the largest law firms provide to their more wealthy clients. Personalized representation is a must. We encourage you to check out our client testimonials and to reach out to our Hershey middle-class asset protection lawyers directly with any specific questions. 

Contact Our Hershey, PA Middle-Class Asset Protection Lawyer Today

At Keystone Elder Law P.C., our Hershey estate planning lawyers have the skills and experience to help middle-class families protect their assets and preserve their wealth for future generations. Contact us today to arrange your completely confidential initial consultation. We provide elder law services in Hershey, Dauphin County, and across the surrounding region in the Keystone State.

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Comprehensive Interdisciplinary Approach

Empowering Clients with Holistic Planning at
Keystone Elder Law

At Keystone Elder Law, we believe that the physical, social, legal, and financial considerations of our clients all intertwine. We utilize an interdisciplinary approach to evaluate each area, which allows for the creation of a plan that addresses the concerns of the individual as a whole as well as the family. To this end, our model of practice includes a Care Coordinator (usually a nurse or social worker), whose expertise complements our team of attorneys.

When the road of life is smooth, decisions about legal and financial matters are easy to push aside for “a rainy day.” Planning ahead, however, will allow for more options as you view the map of where you’ve been and where you want to go. Don’t let a crisis limit your choices or derail your plans.

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