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Minnesota residents: do not forget the lake cabin after summer

Another summer has come to an end for St. Paul residents. For many, this means the lake cabin has now been closed up for the year, after another fun-filled season that seems to always go by too quickly.

While the summer may be over, Minnesotans can still take care of their lake cabin in another way. Through long term care planning, individuals can insure their assets, such as their lake cabins, are protected in the event their need to rely on government-funded programs.

Government-funded programs are a necessity for many individuals in their old age. These programs, such as Medicaid, have certain eligibility requirements that do not allow individuals with a certain level of assets to qualify for the services. In many instances, individuals are near the border line, where they may have too many assets to qualify for the program, but they desperately need the services provided by the program.

What's more, individuals may not realize that the state can take some of their assets in order to pay the costs of these programs. Accordingly, lake cabins, family farms and other assets may be at risk of being lost to the government.

Fortunately, through proper planning, individuals can minimize these risks and provide a means of asset protection. For instance, by transferring assets like lake cabins and family farms out of a person's estate, either by transferring it to another family member or putting it in a limited liability company, partnership or trust, individuals can protect the assets from being taken by the state. The assets will then be able to pass to loved ones, while the individual can still qualify for the needed government services.

Our firm has been helping Minnesota families throughout this process for more than 40 years. We have the expertise and foresight to draft comprehensive plans for our clients. For more information on the services our firm provides, please visit our long term care planning page.

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