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My Spouse Just Entered a Nursing Home. How Can I Protect My Assets?
With appropriate planning, an estate can be protected. This includes a residence. A properly implemented plan may include retitling of assets, gifts, or the creation of a new trust. Many options exist.
With rare exceptions, Medicare does not pay for the cost of long-term care. At most, it will pay for only a portion of your stay. Long-term care insurance can be expensive, and it may be difficult to obtain. Medi-Cal is a government program that will help you pay the cost of a nursing home once you qualify.
Here is the bottom line: there are many planning options.
Note: This article provides information, it does not constitute legal advice.
Gilfix & La Poll Associates LLP attorneys practice elder law and estate planning and are available to answer any questions about Trusts, Durable Powers of Attorney for asset management, Advance Health Care Directives, and any other appropriate planning options.