It’s not too late.
Even if you’re already in a nursing home and are paying for care privately, it’s not too late to initiate effective planning so that Medicaid covers your bills. In most instances, there are still procedures you can use to shield a substantial portion of your money and assets. You may be able to save as much as 40% to 50% of what you have.
Similarly, if your physical condition has deteriorated to the point where it’s now obvious you’ll need home or nursing facility care, steps can be taken to preserve your financial resources, and to protect your house, condo or co-op. In fact, you’re likely to be surprised by the advantages that remain available to you.
Here’s an example of a case in which we helped a couple protect significant liquid assets. These results were obtained even though the planning was done after it became clear that professional care was necessary. Our client was in her 80’s,suffering from Parkinson’s Disease. After a number of strokes, seizures and other serious complications, she became uncommunicative. Up to this point, all assets were held jointly with her husband. We arranged for the transfer of them all to him. This safeguarded the money from loss by “spend down,” under Medicaid eligibility requirements.
We then filed an application for Medicaid nursing home benefits for the wife, which was approved. The assets held by her husband were then placed in a special trust. The beneficial end result: the couple’s money was protected. It is now available to supplement the wife’s care in the nursing home, and to help maintain the husband’s lifestyle. Again, these advantages were obtained with asset protection strategies that were implemented, in effect, “at the last minute.”
25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs
- You can qualify for Medicaid (even if you don’t think so)
- The “Wait and See” Approach can Result in Ruinous Health Care Expenses.
- Plan for Home Care and Nursing Home Facility Care while You Still Can.
- What’s the difference between Medicare and Medicaid?
- It’s NOT too Late for Effective Medicaid Planning (even if you think it is)
- Why Hire an Elder Law Attorney?
- Don’t Prepare Your Own Medicaid Application
- Trusts Can Protect Your Home and Your Money!
- Special Trusts for Specific Purposes
- Protecting Co-op Apartments Require Special Handling
- Evaluate Your 401k or IRA Carefully when Planning for Medicaid
- Why Take the Lump Sum Option on Your Pension or Retirement Account?
- Choose Your Trustee Wisely
- Private Annuities can Help Protect Your Assets
- Caregiver Agreements Help Achieve Medicaid Eligibility
- Keep Your Medicare Insurance
- The Durable Power of Attorney
- Elder Law and Estate Planning
- The Health Care Proxy vs. the Living Will
- How to Choose an Elder Law Firm
- Streamline Your Financial Affairs and Record Keeping
- New York State is More Generous than Other States
- Your Attorney can Help Find the Best Care for You
- Long-Term Care Insurance Won’t Necessarily Solve the Problem
- Compassionate Elder Law Planning Focuses on Your Future Quality-of-Life!