How can I protect my assets in case of a medical emergency?

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How can I protect my assets in case of a medical emergency?

I want to protect my real estate in case of a accident or medical emergency. I want my children to have my assets instead of the state or hospitals. Is there a way to protect what I have worked for my entire life, so my children can have it instead of others that are non deserving? Is there a trust that would ensure this, if within the trust are my children?

Asked on March 3, 2012 under Estate Planning, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Probably the best way to protect your assets in the event of a medical emergency and the associated costs resulting are as follows:

1. have a real good medical insurance plan in effect;

2. have an irrevocable trust established where a third party is the trustee of it on your behalf with your children as beneficiaries. As to the latter, I recommend that you consult with a Wills and trust attorney.


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