Shawn Weera on How to Stay in Control of your Assets after New Medicaid Estate Recovery Laws

Several new bills are dramatically changing the nature of estate recovery.

Grand Rapids, MI - February 14, 2018 /MarketersMedia/ —

Esteemed Michigan-based elder law attorney Shawn Weera wants to share the impacts of recent law changes in the state that affect those who assume the money in Medicaid accounts are safe and fully in the hands of the individual. Michigan law has just changed with regards to how long-term care costs are going to be recoverable by the state government. Weera recently discussed the details of the new legislation and the profound impact it will have on families currently relying on Living Trusts or other planning tools that do not have asset protection features in them.

Shawn Weera began by explaining that with major losses in state tax revenue from individuals who are facing unemployment and foreclosure, the State of Michigan is seeking additional ways to fill that void. Several new bills, introduced by Senator Kahn of Saginaw, chair of the Senate Appropriations Committee, are dramatically changing the nature of estate recovery. The laws would convert Michigan to a lien state, subjecting the property of Medicaid beneficiaries to liens, remove most or all of the exclusions that were created by the 2007 estate recovery law, and eliminate the viability of ladybird deeds or any other planning tool. In laymen’s terms, Weera clarified that this means that the state government would have the power to possess the property of individuals in order to compensate long-term care expenses, even those who had been previously protected.

Another way Medicaid Estate Recovery is affecting Michigan residents is through the government acting as a remainder beneficiary of certain annuities, or special financial products that retirees use to create an additional stream of income or as an investment tool. For all of these established after February 8, 2006, the State of Michigan requires that it be named a remainder beneficiary before it will pay for any long-term care. As a result, the State’s remainder interest could be enforced to an amount equal to the Medicaid benefits provided. However, if the annuity has a community spouse, minor or disabled child named as its remainder beneficiary, then the State’s interest may be secondary.

Shawn Weera, JD, MFP is a nationally recognized asset protection expert and the President of the Law Offices of Shawn Weera. As a licensed elder law attorney in private practice for over a decade, he has been helping retirees preserve their estates through efficient and wise planning for over 15 years. Weera received his Bachelors Degree in Accounting from California State University, Los Angeles, and his Juris Doctor from Thomas M. Cooley Law School in Lansing, Michigan. He is a member of the State Bar of Michigan, the Grand Rapids Bar Association, and the National Association of Elder Law Attorneys. Each month, Weera holds frequent free seminars in the greater Grand Rapids area, wherein he educates retirees about a wide range of elder law, Medicaid, Medicare, and estate planning issues affecting Michigan citizens.

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-on-how-to-stay-in-control-of-your-assets-after-new-medicaid-estate-recovery-laws/300893

For more information, please visit http://shawnweeranews.com

Source: MarketersMedia

Release ID: 300893

Latest News

Uber driver suing Bucs' QB Winston over groping incident

Sep 19, 2018

PHOENIX — A female Uber driver in Arizona is suing Tampa Bay Buccaneers quarterback Jameis Winston, accusing him of sexual assault. Court documents say the woman filed the suit in Arizona on Tuesday and is seeking more than $75,000 in damages. She said Winston grabbed her crotch in the drive-thru of a Mexican restaurant in the Phoenix area in March 2016. After an investigation into the incident, the NFL in June suspended Winston for three games for violating the league's personal conduct policy. The suit comes as Winston approaches the final game of the suspension, and with the Buccaneers off...

Shaw's 2-run single lifts Giants over last-place Padres, 5-4

Sep 19, 2018

SAN DIEGO — Hunter Pence isn't slowing down even though his seven-year run with the San Francisco Giants — which includes two World Series titles — is coming to an end. The 35-year-old Pence homered, doubled and drove in three runs, and rookie Chris Shaw hit a go-ahead, two-run single in the eighth inning as the Giants rallied to beat San Diego 5-4 on Tuesday night, assuring that the rebuilding Padres will finish last in the NL West. Used mostly as a pinch-hitter this year, Pence made his 41st start of the season, in right field. "I try to enjoy...

Cowart hits grand slam, drives in 5 as Angels stall A's

Sep 19, 2018

OAKLAND, Calif. — Stephen Piscotty thought he had Andrelton Simmons' fly ball lined up in the sixth inning before a woman reached her glove over the right-field wall and cost him a potential catch in foul territory. Simmons hit a two-run single moments later, Kaleb Cowart launched a go-ahead grand slam and the Los Angeles Angels scored six times in the sixth to rally past the Oakland Athletics 9-7 on Tuesday night. The A's challenged that the fan interfered with Piscotty making the play, but the call was upheld with no interference charged. "I don't know how you don't. He's...

Baez, Murphy go deep as Cubs romp past Diamondbacks 9-1

Sep 19, 2018

PHOENIX — Two nights in a row, Anthony Rizzo has made a major impact on Chicago Cubs wins with efforts that don't stand out in the boxscore. Rizzo beat out a potential double play by hustling to first base Monday, and teammate Javier Baez followed with a two-run homer. The next night, Rizzo worked a 17-pitch at-bat before lining out, and Baez followed with another two-run shot. That helped the Cubs cruise to a 9-1 victory over the Arizona Diamondbacks on Tuesday for their fifth win in six games. Chicago increased its lead in the NL Central to 3 1/2...

Yankees top Red Sox 3-2, deny Boston a division clincher

Sep 19, 2018

NEW YORK — Neil Walker hit a three-run homer, Zach Britton started a game-ending double play on New York's third try in the ninth inning and the Yankees kept the Boston Red Sox from a bubbly celebration in the Bronx for at least another night with a 3-2 victory Tuesday. Batting from the left side, Walker launched a no-doubter in the seventh inning off Ryan Brasier for the Yankees' third hit of the game and a 3-1 lead. Aaron Judge returned to New York's lineup for the first time since breaking his right wrist July 26, while AL MVP candidate...

Get your 24-hour live updates here in Ultimate Sports Daily. We deliver content from all regions so that you won’t miss out on any single event.

Contact us: sales[at]ultimatesportsdaily.com