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 The World Insiders

Biden, in public and private, tiptoes toward a 2020 run

Feb 18, 2018

WASHINGTON — Former Vice President Joe Biden is tiptoeing toward a potential presidential run in 2020, even broaching the possibility during a recent gathering of longtime foreign policy aides. Huddled in his newly opened office steps from the U.S. Capitol, Biden began a planning meeting for his new diplomacy center by addressing the elephant in the room. He said he was keeping his 2020 options open, considering it a real possibility. He insisted he had made no decision, and didn't need to yet, according to five people who either attended the meeting or were briefed on it by those who...

Legendary climber Jim Bridwell dies at 73

Feb 18, 2018

PALM DESERT, Calif. — Jim Bridwell, a hard-partying hippie and legendary climber who lived his life vertically on some of the toughest peaks in Yosemite National Park, has died. He was 73. Bridwell died Friday morning at a hospital. He had liver and kidney failure from hepatitis C that he may have contracted in the 1980s when he got a tattoo from a headhunting tribe in Borneo, his wife, Peggy Bridwell of Palm Desert, told The Associated Press on Saturday. The flamboyant Bridwell was idolized by some and labelled reckless by others, but no one disputed his sheer skill on...

Florida, angry and grieving, takes gun protest to streets

Feb 18, 2018

PARKLAND, Fla. — Thousands of angry students, parents, teachers and neighbors of a Florida high school where 17 people were killed demanded Saturday that immediate action be taken on gun-control legislation, insisting they would not relent until their demands were met. The rally in downtown Fort Lauderdale gave a political outlet to the growing feelings of rage and mourning sparked by the carnage at Marjory Stoneman Douglas High School. Authorities say a former student who had been expelled, had mental health issues and been reported to law enforcement, used a legally purchased semi-automatic rifle to kill students and staff. "Because...

Russian election plot touched even minor Trump supporters

Feb 18, 2018

WEST PALM BEACH, Fla. — The request was simple: organize or attend a sign-waving rally supporting Donald Trump. But some of the Florida Republicans on the receiving end of those requests now know that they didn't come from Republican allies, but from Russian adversaries. Caught up in an elaborate Russian plot without their knowledge, a handful of these small-time Trump supporters said their votes were not swayed and they didn't do anything they weren't happy to do. Still, their interactions with the Russians highlight the ways, both big and small, that the nation's campaign process was infiltrated. "I was going...

The Latest: Second gun-control rally held in Florida

Feb 18, 2018

PARKLAND, Fla. — The Latest on the school shooting that killed 17 people in Florida (all times local): 7:25 p.m. Four hours from the Florida high school where 17 people were shot and killed, hundreds of people gathered in a park to rally against gun violence and call for stricter gun laws. People lit candles in memory of the Parkland victims at the demonstration Saturday night in St. Petersburg, on Florida's Gulf Coast. They called for legislative action on the state and federal level to end gun violence. It comes as thousands of students, parents, teachers and neighbors held signs...

About Us

The World Insiders brings you exclusive coverage from across the globe in a timely, easy to consume format sourced directly from our regional media partners.

Contact us: sales@theworldinsiders.com

Subscribe Now!