The need for long term care at a nursing home can devastate a person and his or her family. We assist the family in creating a plan that allows an elderly family member to enter a nursing home while still preserving the assets of the family. In addition to preparing the plan, we typically create additional documentation as required. These documents can include wills, living wills, trusts, general durable powers of attorney, advanced medical directives, care agreements and others.
We conduct a detailed interview to help the family identify their goals. We then develop a custom designed Asset Protection Plan which takes into account the varying strategies based on assumptions about the when one might enter a nursing home, costs, when and how often rates may increase, etc. We build into this plan the costs that may be covered by Medicare or other private or public benefits available.
Typically you are able to preserve anywhere from 40% to 100% of your assets. The earlier you begin the planning process, the more assets you are typically able to protect.