DON’T GO BROKE IN A NURSING HOME!

January 1, 2016No Comments

grandfather-and-grandchild-1365226773XdVParents used to be able to count on leaving their hard-earned wealth to their children. However, more and more often, families end up paying most or all of their life savings to a nursing home. If the time comes when you or your parents have to avail yourselves of nursing home care, any gifts or other transfers of cash or property for FIVE YEARS prior to entering the nursing home can cause you to incur serious penalties if you find yourself in need of Medicaid.

However, by utilizing proper estate planning and specialized Medicaid planning techniques, we can protect your savings and allow you to give as much of your money and property as possible to your loved ones, instead of to the nursing home.

  • Putting your home into a trust will protect it from a nursing home.
  • Even if your loved one is already in a nursing home, we can protect your family’s money.
  • We can draft trusts that will allow you to make gifts to your family without worrying about the five year lookback.
  • Trusts avoid probate, which means that your family will be able to access your property immediately, without the expense and delay that occurs with probating an estate.
  • We can custom draft powers of attorney that will allow you protect your assets.
  • You can legally pay your children to take care of you using a custom drafted Personal Care Agreement.

Your existing Last Will and Testament of Powers of Attorney may be useless if you or your loved one has to go into a nursing home. Protect your family estate and make sure it is there for your family.

If you would like to talk about Medicaid planning and asset protection, give us a call today. (256) 713-4383

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Benjamin Jarrell is the founder of The Law Office of Benjamin Jarrell and focuses his practice on helping individuals and families preserve what matters to them through estate planning. He practices in Huntsville, Madison, Decatur, Florence, Guntersville, Scottsboro, Birmingham and other cities throughout the State of Alabama.

We hope the information in this article is educational; however it should not be construed as formal legal advice. Every client's situation is unique, so please allow us to talk with you and analyze your situation in its proper context.  To comply with the U.S. Treasury regulations, we must inform you that (i) any U.S. federal tax advice contained in this article was not intended or written to be used, and cannot be used, by any person for the purpose of avoiding U.S. federal tax penalties that may be imposed on such person and (ii) each taxpayer should seek advice from their tax advisor based on the taxpayer's particular circumstances.

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