Legal Question in Business Law in Pennsylvania

Hi there,

Changing your business entity type does not generally protect or hide assets. It sounds more like what you want to do it to transfer some of the business ownership to your children to reduce your assets enough so that you'd qualify for medicaid. This is called estate planning for business owners. That might be accomplished with either a partnership or an LLC, depending on your situation and needs. However there are limitations, particularly in terms of the time-frame and intent - if the transfers were too soon prior to utilizing a benefit program, your might either be denied coverage, or they can go after what would be considered a fraudulent transfer and recover against those assets. Also, Medicaid can often recover against your assets after death for the costs of certain things, such as long term institutionalization for those 55 and over, so careful planning is required.

If you would like to discuss your matter further over a free and confidential phone consult, please contact me at your convenience.

Regards,

Michael J. Duffy

Duffy Law, LLC

1-888-414-5773

www.mduffylaw.com

[email protected]

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