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

More News From soccerout.com

Martin Schmidt quits as coach of struggling Wolfsburg

Feb 19, 2018

WOLFSBURG, Germany — Martin Schmidt has quit as coach of relegation-troubled Wolfsburg with 11 rounds of the Bundesliga remaining. The Volkswagen-backed club says it accepted Schmidt's resignation on Monday "after an intensive and contentious discussion" and it "expressly regrets" his decision. Schmidt told managing director Tim Schumacher, sporting director Olaf Rebbe, and the supervisory board of his decision, said to allow Wolfsburg to "improve the actual sporting situation through a new impulse from the coaching bench and to take away the ever increasing pressure from the club and himself personally." Schumacher tells the club website, "We were all totally convinced...

Spanish police clear West Brom players accused of taxi theft

Feb 19, 2018

BARCELONA, Spain — Police in Spain have cleared four West Bromwich Albion players who were being investigated for the theft of a taxi in Barcelona last week. Catalonia's regional police said on Monday no charges will be filed against the players. Police did not say why the investigation was archived. Jonny Evans, Gareth Barry, Jake Livermore, and Boaz Myhill were accused by a taxi driver of stealing his vehicle early Thursday morning. The players issued a public apology on Friday for breaking a team curfew and breaching the "standards of professionalism required of us as representatives of West Bromwich Albion."...

Ex-soccer coach jailed for 30 yrs for abusing young players

Feb 19, 2018

LIVERPOOL, England — A former English youth soccer coach was jailed Monday for 30 years for abusing 12 young footballers after the judge called him the "devil incarnate." Barry Bennell, a former coach at Crewe and scout for Manchester City, was convicted at Liverpool Crown Court of 50 child sexual offenses committed between 1979 and 1991. "Your behavior towards these boys in grooming and seducing them before subjecting them to, in some cases, the most most serious, degrading and humiliating abuse was sheer evil," Judge Clement Goldstone told the 64-year-old Bennell. Bennell looked at the floor and nodded as the...

US coach: No fear of suspension for women's hockey final

Feb 19, 2018

GANGNEUNG, South Korea — U.S. women's hockey coach Robb Stauber said he doesn't expect captain Meghan Duggan to face disciplinary action that would keep her out of the Olympic gold medal game after a collision in the semifinals that required two people to virtually carry Finland's Ronja Savolainen off the ice. Duggan and the Finnish defenseman banged legs in the faceoff circle near the Finland bench, and Savolainen went crashing face-first into the boards. A couple of teammates gathered around her, the medical staff came out to tend to her and for several minutes the Gangneung Hockey Center remained quiet...

Karin Harjo among few female ski coaches on World Cup level

Feb 19, 2018

PYEONGCHANG, South Korea — This had to be a case of mistaken identity, Karin Harjo thought, when a little girl in the crowd asked for an autograph. Surely she was waiting for two-time Olympic champion Mikaela Shiffrin and not the U.S. women's assistant speed coach . So Harjo smiled and politely told the child that day in Killington, Vermont, "Mikaela will be coming along soon." "But I want yours," the kid replied. Flattering for one of the few women coaching on the World Cup circuit. Harjo's hoping to pave the way for even more women to step into a top-tier...

Sign up now!