Protecting what you’ve spent a lifetime building.
At Simasko Law, we believe that true wealth isn’t just measured in dollars—it’s measured in peace of mind. Our asset preservation strategies are designed to protect your hard-earned assets from common risks that seniors face, including long-term care costs, probate, unnecessary taxation, and loss of control due to incapacity.
What is Asset Preservation?
Asset preservation is the process of legally structuring your estate and finances so that your wealth is shielded from common risks like nursing home expenses, probate costs, creditors, litigation, and family disputes. It goes far beyond simply having a will or a basic estate plan. It's about proactively safeguarding what you've built against future, often unpredictable threats.
Many people assume asset preservation is only for the ultra-wealthy, but that's a misconception. Asset preservation strategies are relevant and accessible to retirees, families with modest savings, homeowners, and business owners. If you've spent decades building financial security, you deserve to protect it, regardless of the size of your estate.
The goal is simple: ensure that your assets serve you and your family, not the nursing home, the court system, or creditors. With the right legal tools in place, you can maintain control during your lifetime, avoid unnecessary losses, and leave a meaningful legacy for the next generation.
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Simasko Law provides Estate Planning services in Macomb, Wayne, Oakland, St. Clair, and Sanilac Counties in Michigan.
Why Asset Preservation Matters in Michigan
As elder law attorneys, we understand the unique challenges that aging clients face. A traditional estate plan often doesn’t go far enough. That’s why we focus on:
- Medicaid Planning: We help protect your home, savings, and income from being depleted by nursing home costs. Without a plan, you may be forced to “spend down” everything before qualifying for Medicaid. We show you how to avoid that.
- VA Benefits Assistance: Veterans and surviving spouses may be eligible for the Aid & Attendance pension, which can help pay for home care or assisted living. We ensure that you qualify without jeopardizing your other benefits.
- Asset Protection Trusts: We use specialized irrevocable trusts that can remove your assets from your “countable estate” for Medicaid purposes while still allowing you to benefit from them during your lifetime.
- Avoiding Probate: Through tools like Lady Bird deeds, beneficiary designations, and revocable living trusts, we help families avoid costly and time-consuming probate court proceedings.
- Protecting the Next Generation: Without proper planning, your children’s inheritance can be lost to divorce, lawsuits, or poor decisions. We can help protect that legacy with bloodline trusts and other safeguards.
Common Threats to Your Wealth in Michigan
- $10,000/month nursing home bills.
- Adult children mishandling inheritances.
- Incompetent agents using financial or medical powers of attorney.
- Outdated or DIY estate plans.
- Probate and legal fees that eat away at your estate.
How Simasko Law Can Help
Whether you’re planning ahead or facing a crisis now, Simasko Law can step in and protect what you’ve earned. We provide:
- Flat-fee estate planning packages.
- Crisis Medicaid and VA Aid & Attendance strategies.
- Legal guardianship and conservatorship representation.
- Personalized asset protection strategies for every stage of life.
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Core Asset Preservation Strategies & Legal Tools
Effective asset preservation requires a combination of legal instruments, strategic planning, and ongoing management. Here are the primary tools and strategies we use to protect our clients' assets in Michigan:
Trusts (Irrevocable & Asset-Protection Trusts)
Trusts are one of the most powerful tools for asset preservation. By transferring assets into a properly structured irrevocable trust, you can shield them from creditors, lawsuits, and (critically for seniors) Medicaid spend-down requirements. Once assets are in the trust, they are no longer considered part of your "countable estate" for Medicaid purposes, which means they won't have to be depleted to pay for nursing home care.
In Michigan, certain types of asset-protection trusts are permitted, but the options and their effectiveness can be more limited compared to other states. That's why it's essential to work with an attorney who understands Michigan's trust laws and can design a trust that meets both your protection goals and compliance requirements.
Beyond protection, trusts also offer significant estate planning benefits. They can help you avoid probate, facilitate a smoother transfer of wealth to your heirs, reduce estate taxes, and ensure your assets are managed according to your wishes if you become incapacitated.
Entity Structuring: LLCs, Corporations, Family Limited Partnerships
For business owners and real estate investors, using business entities like LLCs, corporations, or family limited partnerships can create a crucial layer of separation between personal and business liability. If your business faces a lawsuit or incurs debt, a properly structured entity can help prevent creditors from reaching your personal assets: your home, savings, and retirement accounts.
Entity structuring also allows for more flexible estate planning. For example, a family limited partnership can enable you to transfer business or real estate interests to your children while retaining control and potentially reducing estate taxes.
Insurance & Risk Management
While legal structures are essential, insurance plays an equally important role in a comprehensive asset preservation plan. Maintaining adequate liability coverage (including homeowners, auto, and umbrella policies) provides a first line of defense against lawsuits and claims.
For seniors, long-term care insurance can also be a valuable tool, helping to cover the costs of nursing home care, assisted living, or in-home care without depleting savings. However, long-term care insurance isn't right for everyone, and it must be coordinated carefully with Medicaid planning strategies.
Estate Planning Instruments (Wills, Powers of Attorney, Beneficiary Designations, Deeds)
Traditional estate planning documents remain foundational to any asset preservation strategy. Wills, durable powers of attorney, healthcare directives, beneficiary designations, and specialized deeds all play critical roles.
]For example, a Lady Bird deed (also called an enhanced life estate deed) allows Michigan homeowners to transfer their property to heirs upon death while avoiding probate, without losing Medicaid eligibility or control of the property during their lifetime. Proper beneficiary designations on retirement accounts and life insurance policies can also ensure assets pass directly to loved ones, bypassing probate entirely.
These tools also protect you during your lifetime. A durable financial power of attorney and healthcare power of attorney ensure that someone you trust can make decisions on your behalf if you become incapacitated, preventing the need for costly and invasive court-appointed guardianship proceedings.
Medicaid & VA Benefit Planning (for Seniors)
For many Michigan seniors, the greatest threat to their assets is the cost of long-term care. Nursing home care can easily exceed $10,000 per month, and without a plan, families are often forced to "spend down" nearly all of their savings before qualifying for Medicaid.
Medicaid planning involves strategically structuring your assets and income to preserve eligibility for benefits while protecting your home, savings, and income. This might include transferring assets into an irrevocable trust, spending down assets in permissible ways, or using Medicaid-compliant annuities. Timing is everything. Medicaid has a five-year "look-back" period, so planning ahead is critical.
For veterans and surviving spouses, VA benefits such as the Aid & Attendance pension can help cover the costs of home care or assisted living. We ensure you qualify for these benefits without jeopardizing your other protected assets, and we coordinate VA planning with Medicaid strategies to maximize your resources.
Why an Attorney Is Essential: The Value of Legal Expertise
Asset preservation is not a do-it-yourself project. The stakes are too high, the laws too complex, and the consequences of mistakes too severe. Here's why working with a qualified Michigan attorney is essential:
State-Specific Laws & Nuances
Asset protection laws (including trust rules, Medicaid eligibility, probate procedures, and creditor protection statutes) vary significantly from state to state. A strategy that works in Florida or California may be ineffective or even illegal in Michigan. Local knowledge isn't just helpful; it's the foundation of effective planning.
Proper Structuring & Avoiding Common Pitfalls
A poorly structured trust, improper timing (such as trying to shield assets after a lawsuit has been filed), or incorrect property titling can render your entire plan ineffective. Worse, it can create new problems: tax liabilities, loss of government benefits, or even accusations of fraud.
Compliance & Avoiding Fraudulent Transfers
Transfers made after litigation begins, or when you're already facing a creditor claim or nursing home admission, can be reversed or invalidated as "fraudulent transfers." Asset preservation planning must be proactive, not reactive. An attorney ensures your transfers are legally sound and properly documented.
Tailored Solutions & Flexibility
Every client's situation is unique. The assets you own (home, business, retirement accounts, investments), your family dynamics (spouse, children, blended families), your health concerns, and your goals all require a customized approach. Cookie-cutter online plans or generic templates simply can't account for these variables.
Ongoing Updates & Maintenance
Asset preservation isn't a one-time event. Laws change. Your financial situation evolves. Family circumstances shift. Health needs arise. An attorney can review and update your plan over time to ensure it remains effective and aligned with your goals.
What the Process Typically Looks Like
Our asset preservation process is comprehensive, personalized, and designed to give you clarity and confidence at every step:
Step 1: Initial Consultation & Asset Inventory
We begin by meeting with you to understand your complete financial picture. We'll review all of your assets (including real property, investments, business interests, retirement accounts, life insurance policies, and any other holdings) as well as your debts and obligations.
Step 2: Risk Assessment & Goals Clarification
Next, we'll discuss your specific concerns. Are you worried about long-term care costs? Do you want to avoid probate? Are you a business owner concerned about liability? Do you want to ensure your children's inheritance is protected from divorce or creditors? Understanding your priorities allows us to design a plan that addresses your unique risks.
Step 3: Customized Plan Design
Based on your goals and circumstances, we'll design a comprehensive strategy that may include irrevocable trusts, entity structuring, insurance recommendations, estate planning documents, Medicaid planning, VA benefit coordination, and more. We'll explain each element in plain language and ensure you understand how everything works together.
Step 4: Implementation & Documentation
Once you approve the plan, we'll prepare and execute all necessary legal documents: trust agreements, deeds, LLC formation paperwork, powers of attorney, beneficiary designation changes, and any other instruments needed to put your plan into action.
Step 5: Periodic Review & Updates
Asset preservation is an ongoing process. We recommend reviewing your plan every few years, or whenever significant life changes occur (marriage, divorce, birth of a child or grandchild, sale of a business, health changes, or changes in the law). We'll help you keep your plan current and effective.
Common Misconceptions & Pitfalls: What People Get Wrong (and How an Attorney Helps Avoid Them)
We see the same misunderstandings and mistakes repeatedly. Here are the most common pitfalls and how to avoid them:
Thinking a simple will is enough.
A will is important, but it does little to shield your assets from creditors, nursing home costs, or lawsuits. Wills also must go through probate, which can be time-consuming and expensive. Asset preservation requires proactive strategies like trusts, entity structuring, and Medicaid planning.
Waiting until there's already a problem.
Once a lawsuit has been filed, a creditor is pursuing you, or you're facing an immediate need for nursing home care, your options become severely limited. Asset protection planning must be done in advance, ideally years before any crisis arises. Transfers made in response to a known threat can be reversed as fraudulent.
Using DIY or generic online estate plans.
Online templates and form documents rarely account for Michigan-specific laws, your unique family dynamics, or the full range of risks you face. They also can't provide the legal advice needed to structure complex strategies like Medicaid planning or business asset protection.
Overlooking business liabilities or failing to separate personal and business exposures.
Many business owners operate without proper entity protection, putting their personal assets (home, savings, retirement accounts) at risk if the business is sued or incurs debts. Proper structuring is essential.
Not updating the plan as life changes.
A plan created 10 or 20 years ago may no longer reflect your current assets, family situation, health, or the law. Marriage, divorce, the birth of children or grandchildren, business sales, health declines, and changes in tax or Medicaid laws can all require updates to your plan.
Why Hire a Michigan-Based Elder Law & Asset Protection Attorney
When it comes to protecting your life's work, experience and local expertise matter. Here's what sets Simasko Law apart:
- Deep Knowledge of Michigan Law: We understand Michigan's Medicaid rules, probate procedures, trust laws, and estate planning tools inside and out. We know which strategies work in Michigan and which don't, and we stay current on changes in the law that could affect your plan.
- Experience Navigating Senior-Specific Issues: As elder law attorneys, we specialize in the unique challenges that aging clients face: long-term care planning, VA benefits, incapacity planning, guardianship and conservatorship representation, and nursing home Medicaid. We've helped countless Michigan families navigate these complex issues with confidence.
- Comprehensive, Tailored Plans: We don't believe in one-size-fits-all solutions. We take the time to understand your assets, your family, your concerns, and your goals, and we design a plan that's customized to your situation. Whether you own a business, have a blended family, or are concerned about a child with special needs, we can help.
- Legal Safeguards & Proper Documentation: Asset preservation planning requires precise documentation and careful execution. We ensure that every document is properly drafted, signed, witnessed, notarized, recorded (if necessary), and legally enforceable. This reduces the risk of unintended consequences or plan failures.
- Ongoing Support & Updates: We don't just create your plan and walk away. We're here for the long term, offering periodic reviews and updates as your circumstances and the law evolve. Our goal is to build a lasting relationship based on trust and results.
Contact Simasko Law Today
Your assets represent a lifetime of hard work, sacrifice, and careful planning. Don't let them be consumed by nursing home costs, probate fees, lawsuits, or poor planning. With the right legal strategies in place, you can protect what you've earned, maintain control of your future, and leave a lasting legacy for your family.
Simasko Law is here to help Michigan families preserve their wealth and their peace of mind.
Whether you're planning ahead or facing a crisis now, we have the knowledge, experience, and dedication to protect your assets and secure your future.