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

UPDATED: Mar 3, 2012

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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


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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