Serving Clients in the New York Capital District, Albany County and the Surrounding Area
Your spouse or parent has just entered, or is about to enter, a nursing home. You are informed about the cost of the nursing home, which is staggering. Your spouse or parent has assets that are going to be completely consumed by the cost of the nursing home in a relatively short period of time and unfortunately did not do any long term care planning.
Is there anything that can be done to save the assets?
The answer is usually yes! (Don’t let anyone tell you it’s too late once the person is in the nursing home).
We can analyze the situation, explain the available options and help make the best decision for you and your family.
Depending upon your circumstances, an emergency plan can be implemented to obtain Medicaid eligibility and save assets through a variety of techniques, including the use of gifts, loans, exempt expenditures and transfer of certain assets to exempt recipients.
During this process, you may also need to update your own estate planning documents to reflect the new circumstances, and further protect your assets from the reach of your loved one’s nursing home in the event of your death.
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