That was the question a woman asked me earlier this week. She and her husband worked all of their lives to save for a comfortable retirement. They planned to travel Europe, but they only got to take one trip before her husband’s Alzheimer’s got too bad. She has taken care of her husband for the past 4 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/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.
I was happy to tell her that there was a way for her to keep 100% of her and her husband’s 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 that 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.
Schedule a free consultation with us to learn how your family may protect assets if a nursing home is needed.