Most individuals lose all their assets when they need extended care in a Nursing Home or Assisted Living facility.
This is totally an unnecessary loss of family assets. All their assets can’t usually be saved but we can generally save about half of an individual’s assets, sometimes more.
Even the value of the home can be brought into this process. For many individuals, their home is the only real asset they may have. When they end up going to the Nursing Home, since they don’t have enough income or assets to pay for the Nursing Home care, they end up losing their home. We may or may not be able to save the actual home, but we can help preserve about half the value of that home in cash. This cash can be used by family members to help provide for the ancillary needs that the Nursing Home person has without creating a financial strain on others. It also makes that individual feel that they are still helping pay their own way, and they are paying.
If an individual doesn’t need to be in a Nursing Home but needs care that can be provided by an Assisted Living Facility or by caregivers (in Indiana) in the home (even care provided by family members), we can help them qualify for financial assistance to help pay for that caregiving expense.
It doesn’t matter if an individual needing care has $10,000 or $500,000 or more. There are proven financial strategies that we have used for the last 18 years in these cases to help preserve a large portion of that individual’s assets.
Each situation has its own issues that need to be addressed. Without the use of this type of financial assistance, an individual will end up having to spend down all their assets until they have less than $2,000 in their name. Anything that they own is considered as an asset, even if someone else’s name is also on it. IRA’s and Life Insurance policies are also counted.
There is no need to lose a lifetime of savings just because someone’s health is failing, and they need someone to help them.
We offer a FREE consultation to set down and review an individual’s situation and show them, or their POA, what can be done to help preserve their assets. Our attorney and us will help you through the whole process.