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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 1008
Experience:  Certified Public Accountant
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I am concerned that as I get older there is more chance of a

Customer Question

I am concerned that as I get older there is more chance of a health issue that could bankrupt me and take away my retirement savings and house. How can I protect my assets. I have no mortgage and could sell the house to a corp. and do the same with my savings. What should I do?
I live in Colorado. I don't have any IRA or retirement fund.
Submitted: 2 months ago.
Category: Finance
Expert:  Mark Taylor replied 2 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. There are a couple of strategies that you could use. Do you have a long-term care policy?

Customer: replied 2 months ago.
I'm 68 and have Medicare. My wife is 50 and has no insurance, she self pays.
I read a lot about insurance companies denying claims. Am worried about catastrophic events and the doctors and hospitals taking everything. I'm too old to go back to work.
Expert:  Mark Taylor replied 2 months ago.

One option would be to create an irrevocable trust. With an irrevocable trust you would gift the assets to the trust. The downside with this is that you would lose control over the assets. Also, your heirs would lose a step up in basis. If the assets are in an irrevocable trust for 5 or more years , the assets would be out of reach from creditors or Medicaid.

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