Groton, MA asked in Estate Planning for Massachusetts

Q: How do I protect my family assets from my potentially expensive medical costs?

I am a 53 year old male who has acquired over $1 million dollars so far in net assets. $700k retirement and $400k home equity. I am still working and will for another 10 years and currently max out my retirement.

I have life insurance while working but I developed a serious cardiac condition that will likely require expensive medical costs. I have no insurance outside of work and could not get it at this point. I fear everything I've been saving for will be lost and my wife and potentially underage children will be left in poverty.

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1 Lawyer Answer
Joanne Belasco
Joanne Belasco
Answered
  • Estate Planning Lawyer
  • Boston, MA
  • Licensed in Massachusetts

A: There are several options that can help protect your family. You not only want to think about your medical expenses but also estate taxes because your assets appear to be over the $1 million estate tax exemption. This situation is one that you would be better discussing with an estate planning attorney in private. Feel free to give me a call at 617-991-8905 or email me at jo@windhorselegal.com to discuss what options may be best for you and your family.

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