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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.

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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

  1. You can qualify for Medicaid (even if you don’t think so)
  2. The “Wait and See” Approach can Result in Ruinous Health Care Expenses.
  3. Plan for Home Care and Nursing Home Facility Care while You Still Can.
  4. What’s the difference between Medicare and Medicaid?
  5. It’s NOT too Late for Effective Medicaid Planning (even if you think it is)
  6. Why Hire an Elder Law Attorney?
  7. Don’t Prepare Your Own Medicaid Application
  8. Trusts Can Protect Your Home and Your Money!
  9. Special Trusts for Specific Purposes
  10. Protecting Co-op Apartments Require Special Handling
  11. Evaluate Your 401k or IRA Carefully when Planning for Medicaid
  12. Why Take the Lump Sum Option on Your Pension or Retirement Account?
  13. Choose Your Trustee Wisely
  14. Private Annuities can Help Protect Your Assets
  15. Caregiver Agreements Help Achieve Medicaid Eligibility
  16. Keep Your Medicare Insurance
  17. The Durable Power of Attorney
  18. Elder Law and Estate Planning
  19. The Health Care Proxy vs. the Living Will
  20. How to Choose an Elder Law Firm
  21. Streamline Your Financial Affairs and Record Keeping
  22. New York State is More Generous than Other States
  23. Your Attorney can Help Find the Best Care for You
  24. Long-Term Care Insurance Won’t Necessarily Solve the Problem
  25. Compassionate Elder Law Planning Focuses on Your Future Quality-of-Life!
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