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

Other Press Releases

NBC hypes figure skating showdown between 2 Russians

Feb 23, 2018

NEW YORK — Highlights from media coverage of the Pyeongchang Olympics: FIGHT TO THE FINISH: It was the "showdown everyone's been waiting for," analyst Tanith White said. "Brass knuckles under velvet gloves," Johnny Weir said. NBC practically panted in its effort to make the competition between Russians Evgenia Medvedeva and Alina Zagitova into the figure skating equivalent of Ali vs. Frazier. It was the expected champion (Medvedeva) against the impatient 15-year-old understudy (Zagitova). After two skates that Weir called "the most heartbreakingly beautiful ladies' competition I have ever seen," even NBC's seemingly inseparable pair was divided. "My bet is on...

Hearing set on if US will seize assets of 'Pharma Bro'

Feb 23, 2018

NEW YORK — "Pharma Bro" Martin Shkreli is due back in court Friday for a hearing about whether he should forfeit millions of dollars in assets including a one-of-a-kind Wu-Tang Clan album as part of his conviction in a securities fraud scheme. Prosecutors are expected to argue in federal court in Brooklyn that Shkreli is on the hook for more than $7 million. Along with the Wu-Tang Clan "Once Upon a Time in Shaolin" album that Shkreli has boasted he bought for $2 million, prosecutors have said he should give up $5 million in cash in a brokerage account, his...

Weinstein apologizes to Streep, Lawrence for lawyers' words

Feb 23, 2018

LOS ANGELES — Harvey Weinstein apologized to Meryl Streep and Jennifer Lawrence after his lawyers cited them in asking a court to dismiss a sexual misconduct lawsuit. A spokeswoman for the disgraced movie mogul said Thursday that Weinstein has also directed his legal representatives not to use specific names of actors and former associates in the future. Lawyers for Weinstein argued in a filing, in which they quoted previous remarks made by Streep and Lawrence, that a proposed class-action lawsuit filed by six women should be rejected. Weinstein's attorneys cited Streep as having previously said that Weinstein wasn't inappropriate with...

Protesters ousted from sacred site where Elvis filmed movie

Feb 23, 2018

HONOLULU — State sheriffs on Thursday removed protesters from the ruins of a Hawaii hotel where they have been squatting since last year in an attempt to block redevelopment of land where Hawaiian chiefs once lived and where Elvis Presley's character got married in the movie "Blue Hawaii." The Hawaii Department of Public Safety said in a statement Thursday that state sheriffs arrested 23-year-old Mahealani Hanie-Grace for trespassing at Coco Palms on Kauai. The protest began when two men arrived claiming they owned the property because they descend from King Kaumualii, the last ruler of Kauai. They've been joined by...

Man who admitted Hawaii concert scam wants plea change

Feb 23, 2018

HONOLULU — A North Carolina man who admitted defrauding the University of Hawaii of $200,000 by lying about being able to produce a Stevie Wonder fundraiser concert wants to take back his guilty plea, but a prosecutor said Thursday he could risk more jail time if he succeeds and is eventually convicted. Marc Hubbard had been scheduled to be sentenced in federal court in Honolulu Thursday but filed a motion to withdraw his plea a day earlier. He pleaded guilty in 2016 to wire fraud, saying he lied about his ability to secure Wonder for a concert. In 2012, the...

Hollywood in five is your 5 minutes read of Hollywood news with continual updated coverage.

Contact us: sales@hollywoodinfive.com