How Do I Protect My Assets From The Nursing Home?

How Do I Protect My Assets From The Nursing Home?

That was the question a woman asked our firm. She and her husband worked all of their lives to save for a comfortable retirement. They planned to travel across Europe, but they only got to take one trip before her husband’s Alzheimer’s got worse. She has taken care of her husband for the past four years, and her health has suffered because of it. Her husband yells at her constantly now, something he would have never done before. She feels guilty, but she knows the only way both of them can be safe is to have him in a nursing home.

The nursing home costs around $100,000 per year. Their savings will be gone in two years, leaving her with only her Social Security to live on. That is what prompted her question.

The lawyers at Kentucky ElderLaw, PLLC, were happy to tell her there was a way for her to keep 100% of their assets, and her husband would still receive the care he needed in the nursing home.

How can that be? Just like the tax laws provide ways to pay less in taxes, the Medicaid laws provide ways to preserve assets. Different laws apply in different situations. Our practice is the art and science of determining which laws apply to your situation and properly applying them.

For instance, a family who came in recently was elated to learn the law allows a nursing home resident to protect assets to provide for an adult disabled child. Plus, there are other laws related to children who take care of their parents and siblings who live together that can result in savings.

Ask Us This Question For Yourself

Schedule a free consultation with an attorney at Kentucky ElderLaw, PLLC, to learn how your family may protect your assets if a nursing home is needed. We can provide the guidance you need to protect your finances. You can reach our Louisville office at 502-581-1111, our Bowling Green office at 270-467-0002 or our Shepherdsville office at 502-955-1005. You can also send our office an email.

Start The Conversation In A Free Consultation

Your first consultation with Kentucky ElderLaw, PLLC, is free, so you have nothing to lose by contacting us to talk.

Let’s Talk About Your Goals

Our attorneys have the knowledge and compassion to lead you through planning your estate and planning for long-term care, which can be daunting, confusing and frustrating. Call us at 502-581-1111 to arrange your FREE consultation or fill out the form below to contact us for an appointment.

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