How to Protect Assets from a Nursing Home
Protecting assets from a nursing home is the new challenge for many because they risk losing their assets if one of them becomes a resident to a nursing home.
You should plan ahead and protect your assets. As one grows older, the concern of losing all or some of their properties to nursing home grows, and they start to plan and consider options available to protect their assets.
Here are other options
Creating The Mattar Asset Protection Trust will ensure that you are able to protect your assets. Only sometimes, is there a grace period of non-eligibility for Medicaid for the recently transferred assets. When making transfers, you should be aware of time frames and rules. This information will assist you to plan better for Medicaid protection. Ensure all the transfers are done before the time of needing nursing care. If you are planning to transfer your assets, then do it sooner than later. This will ensure you get Medicaid coverage as soon as you need it.
Transfer of assets to your children may put them at risk. As your children may file for bankruptcy, be sued, owe taxes, die, and divorce or be spindrifts. The trust owns the assets, and these properties are safe from creditors.
Professional Planning
The best way to protect your assets from nursing home costs and Medicaid eligibility is by consulting an attorney with experience in estate law and Medicaid.
The Mattar Firm can assist you in creating powers of lawyer and living wills, and provide advice on nursing home contracts before you enter into any contract.
Conclusion
Trust or Will, health care power of attorney and durable power of attorney can help shield your assets. Even after you or your loved one has been admitted to a nursing home or a hospital, legal strategies can be applied to protect your assets.
The Mattar Firm specializes in protecting assets. Whether you are worried about assisted living expenses, nursing home costs, planning for a special needs grandchild or child, or having your assets avoid probate court, The Mattar Firm will assist you to get peace of mind when faced with such issues.
Contact our asset protection attorney at The Mattar Firm or visit us for a confidential consultation.