No, it is not too late, even if you already in a nursing home. Most Elder Law strategies can be implemented at the last minute. If you need nursing home care, your ability to protect your assets may be more limited than if you had planned ahead. However, even in a worst case scenario, it is likely that you could still protect 40-50% of your assets. In cases involving home care or assisted living, usually all of your assets can be protected.
For effective planning, if you are making any transfers of your assets now, the five-year look back period must be taken into account.
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