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

Jaguars, Fulham owner Khan drops divisive Wembley bid

Oct 17, 2018

LONDON — Wembley Stadium is staying in the hands of English soccer. American sports magnate Shad Khan abandoned a 600 million pound ($790 million) bid for the English Football Association's main asset on Wednesday after recognizing the extent of opposition to the sale. Khan, who owns the NFL's Jacksonville Jaguars and Premier League soccer club Fulham, had seen buying Wembley as a way of raising the prospects of an American football franchise moving to London. After the takeover fell through a week before a key FA vote, Khan reiterated the Jaguars' commitment to continue playing an annual regular-season game in...

West Ham suspends coach after marching with right-wing group

Oct 17, 2018

LONDON — Premier League club West Ham has suspended a youth team coach after he took part in march organized by a right-wing political group. Mark Phillips posted on Twitter that he participated Saturday when hundreds of supporters of the Democratic Football Lads Alliance walked in central London. The Football Lads website said the march was meant to protest Islamic extremists returning to England from Syria, migrants coming into Britain and what it called the mistreatment of U.K. veterans. One arrest was made as the march turned violent. There is no suggestion Phillips broke any laws. West Ham is now...

Miranda scores to give Brazil 1-0 win over Argentina

Oct 17, 2018

JEDDAH, Saudi Arabia — Defender Miranda headed in a stoppage-time goal Tuesday to give Brazil a 1-0 win over archrival Argentina in a friendly in Saudi Arabia. Miranda met a corner from Neymar in the 92nd minute and headed past goalkeeper Sergio Romero to hand Brazil a third victory in the "Superclasico de las Americas." The match at King Abdullah Sports City in Jeddah featured few other chances for either team. Argentina was without superstar Lionel Messi, and striker Paulo Dybala was ineffective up front in a match where players from both teams complained about the heat. An emotional Miranda...

FA charges Man United manager Jose Mourinho over TV outburst

Oct 17, 2018

MANCHESTER, England — The English Football Association has charged Jose Mourinho for using bad language into a TV camera after a Manchester United game. The FA alleges Mourinho's language after a victory over Newcastle on Oct. 6 "was abusive and/or insulting and/or improper." United was trailing Newcastle 2-0 then came from behind to win 3-2 and ease the immediate pressure on Mourinho. United is already seven points behind English Premier League front-runners Manchester City and Chelsea after eight games. Mourinho has until Friday to respond to the charge. ___ More AP soccer: https://apnews.com/tag/apf-Soccer and https://twitter.com/AP_Sports

Tottenham opposes selling temporary Wembley home to Khan

Oct 17, 2018

LONDON — The chairman of Tottenham opposes the Premier League club's temporary home of Wembley Stadium being sold to a rival for both soccer and NFL. With building work on its own new stadium in London overrunning by several months, Tottenham has been rescued by the English Football Association by being granted longer use of Wembley for its matches than originally agreed. When Tottenham's new venue is eventually completed, it will be hosting at least two NFL matches per season under a 10-year deal in competition with Wembley and its prospective new owner. Shad Khan, who owns the Jacksonville Jaguars...

About Us

Daily Sports Global, your guide to the best sports news on the Internet. Access to the world’s biggest sports events right here even if you’re not physically there.

Contact us: sales[at]dailysportsglobal.com

Subscribe Now!