A Rochester area elder law lawyer provides insight into different steps that you can take to protect your assets. Depending upon your specific situation, one of the most important asset protection steps that you may need to take could involve the purchase of an insurance policy. Determining the type of insurance coverage you may need can be complicated, so you should reach out to a legal professional who can conduct an investigation of your specific situation and who can help you to make smart and informed choices regarding all of the different asset protection steps that you need to take. 
The Law Office of Michael Robinson, P.C. has provided personalized advice to many clients on insurance coverage issues and more. To find out how a Rochester area elder law lawyer at our firm can help you, give us a call today.
Insurance You Need to Protect Your Assets
Most people are aware of the basic types of insurance coverage that they need. For example, it’s important to have health insurance coverage so an unexpected illness does not bankrupt you if you are forced to pay high medical expenses. You will also want to make sure you have automobile insurance in case you get into a car accident and to comply with laws requiring you have coverage. Homeowner’s or renter’s insurance can also protect you from loss in case a disaster damages your home or possessions or in case someone gets hurt at your home.
In addition to all of these different types of insurance, however, there are other kinds of policies that fewer people are aware of but which may be just as important. One example is an umbrella insurance policy. An umbrella insurance policy provides secondary coverage for other policies like your home and auto coverage.
If you have an umbrella policy, the insurer will pay the difference if you are sued for more than your other insurance covers. If you had an auto accident and were sued for $100,000 and you only had $50,000 in coverage through your auto insurer, the umbrella policy would pay the other $50,000 in damages so you didn’t end up with a judgement against you that you’d need to pay out of pocket. Buying umbrella insurance is important if you have assets now you want to protect or if you expect to earn a good income and you want to avoid your wages being garnished in the future if you get a judgement against you.
You may also wish to consider long-term care insurance coverage. According to Wall Street Journal around 70 percent of people who reach 65 years of age will eventually need nursing home care. This care is really expensive and it is not covered by Medicare, nor is it covered by other health insurance, unless you meet very specific criteria. For example, Medicare pays for skilled nursing care after a qualifying hospital stay, but most people are not eligible to receive this coverage because they only need custodial care or basic help with routine activities of daily living when they go into a nursing home.
A long-term care insurance policy could potentially protect you from having to pay out of pocket for your nursing home care or long-term care costs. However, since such policies are often very expensive and provide narrow coverage, even buying this type of insurance is no guarantee that you will not face substantial financial loss. You should consider working with a Rochester area elder law lawyer to try to get Medicaid to cover the costs of your nursing home care as this can be a better approach to making sure you are able to get your care paid for.
Getting Help from a Rochester Area Elder Law Lawyer
A Rochester area elder law lawyer at The Law Office of Michael Robinson, P.C. can provide personalized advice on the different steps that you should take to minimize the risk of your wealth being lost due to misfortune. You work too hard to build up your nest egg and you should not lose everything that you have managed to acquire just because you get sick or happen to need nursing home care or long-term care.
To find out more about how The Law Office of Michael Robinson, P.C. can help you to get the coverage you need to keep your wealth secure, join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online at any time for personalized help and advice.
Michael Robinson, Estate Planning Attorney
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