Common Misconceptions: Is It Too Late to Protect Life Savings When Already in a Nursing Home?
This edition of the Koldin Report E-Newsletter continues a series on common misconceptions about Elder Law, Estate Planning and Medicaid.
In this newsletter we discuss misconceptions about being able to protect assets when you are already in a nursing home. All prior newsletters are saved on our website. You can read them by clicking here.
Incorrect: My father is in a nursing home and we have done no planning, therefore it is too late to protect any of his life savings.
Correct: This is a very costly misunderstanding. Even if a family member is in a nursing home, there may still be ways to protect some or all of his/her life savings.
In 2016, the did a newsletter series on different ways to protect your life savings even when you are already in a nursing home. Some examples and links to the newsletters are as follows:
You Can Transfer Your Home and Life Savings to Your Child Who Is Certified Blind or Disabled
You Can Transfer Your Home to Your Sibling Who Lives with You and Has an Equity Interest in the Home
You Can Transfer Your Home and Life Savings to Your Spouse
Your Spouse Can Refuse to Contribute His/her Assets and Income (“Spousal Refusal”)
You Can Purchase an Annuity to Convert Your Life Savings into an Income Stream
You Can Do a Combination of Gifting and Lending with a Promissory Note
You Can Put Your Retirement Accounts in Payout Status to Convert it from a Resource into an Income Stream
When the Koldin Law Center, P.C. handles a Medicaid case, we not only handle the entire application process, but we also review asset protection options with our clients. We review with our clients who are already in a Nursing Home options to protect some or all of their assets beyond merely establishing Medicaid eligibility.
At the Koldin Law Center, P.C., located in East Syracuse, New York, we have over 50 years of experience helping individuals plan for immediate crisis and long term care. Our attorneys are available to discuss your estate planning options. We do not charge a fee for the initial consultation. We welcome your children, family attorney, accountant, and/or financial planner to be present at the initial consultation.
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We have been told by many clients who are in a crisis that they wish they had known about our firm much sooner. We are proud of the many families we have helped in times of crisis.
We are also proud of the many families we helped avoid financial crisis by doing estate planning in advance.
We all share the responsibility for making our family and friends aware of the planning options available to them.
Your referral to the could make a major difference in the lives of your family and friends if they are someday faced with a long term illness.
Remember that the offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.
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