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

Lee tops LPGA event in Michigan; pregnant Lewis tied for 2nd

May 27, 2018

ANN ARBOR, Mich. — Minjee Lee shot a 4-under 68 on Saturday to take a two-stroke lead into the final round of the LPGA Volvik Championship, with Stacy Lewis tied for second playing five months' pregnant. Lee capped a bogey-free third round with a birdie on No. 18 to get to 12 under, and the Australian standout will try to celebrate her birthday with her first victory of the year. She turns 22 on Sunday. Lewis (67) birdied five of the last six holes to match In-Kyung Kim (67), Jodi Ewart Shadoff (69) and Lindy Duncan (69) at 10 under....

Rossi, Daly looking for real-life 'Amazing Race' in Indy 500

May 27, 2018

INDIANAPOLIS — Alexander Rossi and Conor Daly could view the Indy 500 as another leg of "The Amazing Race." The close friends and former reality TV teammates are starting side by side in the last row of the "Greatest Spectacle in Racing" — farther back than any previous winner. It's their first time competing against each other since racing around the world together seeking $1 million last fall. It's not the starting spot either wanted, but both have a chance to make history. "The silver lining is we have a very cool opportunity," Rossi said. "I think it will be...

Morgan Freeman says he did not assault women

May 27, 2018

NEW YORK — Morgan Freeman says he likes to compliment people to make them feel at ease around him but that he has never sexually assaulted women. The Academy Award-winning actor is fighting back against charges of bad behavior made by multiple women in a CNN report this week. He said in a statement late Friday that the report has devastated him and that "it is not right to equate horrific incidents of sexual assault with misplaced compliments or humor." Following the report, Visa announced it was suspending all of its marketing that features the actor's voice. CNN's story includes...

Legal hurdles may make Weinstein's prosecution an exception

May 27, 2018

LOS ANGELES — Harvey Weinstein's arrest in New York Friday is a landmark moment in the #MeToo movement. Yet as authorities work through dozens of cases against famous figures in entertainment and other industries brought on by the Weinstein-inspired wave that began in October, legal hurdles may make such prosecutions the exception. While men including Kevin Spacey and Mario Batali remain under investigation, the next round of charges could well be against Weinstein again, who also is facing scrutiny from authorities in Los Angeles and London. One expert said prosecutors in those jurisdictions are unlikely to stand down or shift...

The Latest: Weinstein takes books on theater, film to arrest

May 27, 2018

NEW YORK — The Latest on the sexual misconduct probe of film producer Harvey Weinstein (all times local): 11:40 a.m. Harvey Weinstein was in and out of custody so quickly in his rape case, he probably didn't have time to read the books he brought with him. The film mogul carried three books under his arm as he surrendered at a New York City police station Friday. One was "Something Wonderful: Rodgers and Hammerstein's Broadway Revolution," by Todd Purdum. A second was Richard Schickel's biography of filmmaker Elia Kazan. The identity of the third book wasn't immediately apparent. Weinstein handed...

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

Contact us: sales@hollywoodinfive.com