How can I protect my assets for my neice and nephews?

I will post this under estate planning, as this is not really a social security question. Good luck to you!

You would be best served by consulting with an Estate Planning attorney.

You should see an attorney about a Medicaid Asset Protection Trust.

Some sort of trust (be it a special needs trust or some other trust) is most likely in order. However, putting money in a trust carries with it an element of financial risk that you'll need to be aware of before you embark on that strategy. I do this work regularly, and I'd be happy to talk to you about it if you would like.

I recommend a special needs trust because it may protect your assets from interfering with your governmental benefits as well as protecting your assets for your estate and heirs. There are many other options available such as a revocable and revocable trust planning and gifting, to name a few. However, you have to be mindful that there is a five-year look back to any transfer if Medicaid becomes an issue. If you're going to do anything, you should speak with an attorney and do it as quickly as possible so that this five-year period begins to run. If you want to speak with an experienced attorney who is familiar with these areas of law, call us at 973-562-0100. Our firm is concentrated in family law and estate planning case. Also below is a link to a blog article that may interest you. Good luck. Brad M. Micklin, Esq. The Micklin Law Group 187 Washington Ave., Suite 2F Nutley, NJ 07110 973-562-0100 [email protected] www.micklinlawgroup.com

You can create an asset protection trust but there will be a "look back period" of five years for transfers of assets out of your name. Also some assets could be exempt like your home in certain situations. An additional consideration is purchasing long-term care insurance if you are able. You should seek the advice of an elder law or estate planning attorney.