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

Australia recognizes west Jerusalem as Israel's capital

Dec 16, 2018

SYDNEY — Australia has decided to formally recognize west Jerusalem as Israel's capital, but won't move its embassy until there's a peace settlement between Israel and the Palestinians, Prime Minister Scott Morrison announced Saturday. Morrison said in a speech that Australia would recognize east Jerusalem as Palestine's capital only after a settlement has been reached on a two-state solution. The Australian Embassy won't be moved from Tel Aviv until such a time, he said. While the embassy move is delayed, Morrison said his government would establish a defense and trade office in Jerusalem and would also start looking for an...

New Zealand law to make medical marijuana widely available

Dec 16, 2018

WELLINGTON, New Zealand — New Zealand's government on Tuesday passed a law that will make medical marijuana widely available for thousands of patients over time. The legislation will also allow terminally ill patients to begin smoking illegal pot immediately without facing the possibility of prosecution. The measures come ahead of a planned national referendum on recreational marijuana use. The government has pledged to hold the referendum some time over the next two years, but has not yet set a date or finalized the wording. The new law allows patients much broader access to medical marijuana, which was previously highly restricted....

Australian PM accuses Muslim leaders of denying threat

Dec 16, 2018

CANBERRA, Australia — Australia's prime minister accused senior Muslim community leaders on Wednesday of "continuing down a path of denial" after they refused an invitation to a meeting to discuss the threat posed by Islamic extremists. Prime Minister Scott Morrison's tweeted response to the Islamic leaders' request for a postponement of Thursday's meeting adds to friction with the Muslim world sparked by his proposal last month to move the Australian embassy in Israel from Tel Aviv to Jerusalem. Morrison has denied a widely held view that the Jerusalem proposal was aimed at domestic political gain amid a debate over levels...

Police storm Papua New Guinea Parliament for APEC summit pay

Dec 16, 2018

PORT MORESBY, Papua New Guinea — Disgruntled police, military and prison guards stormed Papua New Guinea's Parliament on Tuesday in a violent pay dispute stemming from an international summit hosted by the impoverished South Pacific island nation over the weekend, a lawmaker said. Images posted by opposition lawmaker Bryan Kramer on social media showed broken windows, smashed furniture, pictures torn from walls and plants tipped over. Parliament's security check point including a metal detector was trashed and doors were destroyed along with their fingerprint-reading locking systems, Kramer said. He said the protesters had not been paid their promised allowances for...

US, allies to bring electricity to most of Papua New Guinea

Dec 16, 2018

PORT MORESBY, Papua New Guinea — The U.S., Japan, New Zealand and Australia said they'll bring electricity to 70 percent of Papua New Guinea's people by 2030, boosting the West's response to growing Chinese influence in the South Pacific. The four countries and Papua New Guinea signed the electricification agreement Sunday at the Asia-Pacific Economic Cooperation meeting behind held in the capital Port Moresby. U.S. Vice President Mike Pence said it shows how strongly the U.S. and its allies are committed to the region. "The commitment of the United States of America to this region of the world has never...

Stock Markets

About Us

The Morning Herald is a fast news provider in the United States since 2005. Fiercely independent and armed with irreverent intelligence, there’s no other place to get your news other than The Morning Herald.

Contact us: sales[at]themorningherald.com

Subscribe Now!