Preserving Your Assets While Getting The Nursing Home Care You Need

The costs of nursing home care and assisted living facilities can be astronomical. For many, the need for nursing home care comes suddenly – after a stroke, fall, or broken hip. For others, neurodegenerative conditions such as dementia make nursing home care a near certainty at some point in the future. Navigating the concerns surrounding nursing home asset protection planning can be daunting.

While you can’t foresee the circumstances that might make nursing home care a necessity, you can plan ahead for the possibility. Our lawyers at Barna Law in Honesdale can help. We are passionate about elder law, and we understand the many intricate moving pieces that go into long-term care planning in Pennsylvania. We can help you get peace of mind about nursing home care while preserving your assets.

Asset Protection Strategies

Crisis Planning: Many of our clients come to us in the midst of a crisis. An elderly loved one needs nursing home care immediately, and they need to sort out how to qualify their loved one for Medicaid without losing everything. We put the right tools in place to make that happen.  It’s important to know that it is typically not too late to protect assets, even when a loved one is already in a nursing home.  While every case is unique, we can often protect 100% of assets for a healthy spouse whose loved one is in a nursing home. In cases where we are protecting assets for other family members, we can often protect 50% to 70% of assets, even when a person is already in a nursing home.

Pre-Crisis Planning: A big part of our practice also involves pre-crisis planning. Ideally, everyone should have a long-term care plan well in advance of when they might need it to go into effect.  Planning ahead helps us to increase the amount of assets that can be protected even further, whether utilizing a trust or transferring assets to others.  There are serious differences between planning with trusts versus making transfers outside of trusts, and everyone must understand the advantages and disadvantages related to both options.

We can advise you on the right asset protection strategies for your situation, which might include:

• Medicaid planning
• Medicaid Compliant Single Premium Immediate Annuities (SPIA)
• Transfers to trusts versus transfers to individual(s)

Start Finding Solutions To Preserve Assets And Afford Long-Term Care

Whether you are planning for the future or already in need of nursing home care, we can help you find the right solutions for asset preservation planning. We also frequently work with adult children who are taking care of their aging parents.

Learn more by calling 570-559-5658 or filling out an online contact form to talk to our team about nursing home asset preservation.