You spent your life working, paying taxes, saving money and playing by the rules so you could feel secure as you age and leave an inheritance to your family. Do not let a stint in a nursing home deplete your hard-earned finances. Use asset planning to protect your legacy.
Asset protection is a vital part of Medicaid planning. It allows nursing home residents and their spouses to protect their finances, retain their dignity and avoid impoverishment. At Kentucky ElderLaw, PLLC, our attorneys will apply the law to the facts of your situation to systematically preserve some of your assets, within Medicaid rules, while providing for your future care. We help our clients get the care they need, when they need it, where they want it, and figure out how those costs will get paid.
Federal law is meant to protect the income and assets of one spouse when the other goes into a nursing home. Federal law also allows for preservation of some of the assets of single nursing home residents. That being said, many applicants would have to go through a significant “spend-down” of assets without elder law planning.
The good news is here are still tools available that permit people who have been careful with their money to preserve it for themselves and then pass some of it to their family if specific rules and procedures are meticulously followed. We work to protect our clients’ rights under state and federal law. We advise you of your rights and work within the law to preserve and protect the most assets possible.