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.
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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
