Long-Term Care Planning And Asset Protection Strategies
When the time comes to put a spouse or parent in an elder care facility, many families are not prepared – legally, financially or emotionally. The worries are compounded when a loved one has taken a sudden turn for the worse and you need to make decisions quickly.
The elder law attorneys of Mahaffey & Associates, LLC, assist with the legalities of long-term care. We can provide advance planning services to get a loved one’s affairs in order in anticipation of nursing home care or assisted living. Even in crisis situations, there are steps we can take to ensure proper care and protect family wealth.
In the ideal scenario, the cost of nursing home care is not a burden for the family, and the person’s assets are shielded from creditors and the government. Nursing home planning should start long in advance. Long-term care insurance, for example, is more affordable when spread out over years. Wealth can be gradually transferred to future generations through annual gifting allowances.
Our attorneys are knowledgeable about asset protection and tax planning methods to keep family wealth in the family. We help clients maintain control of assets while they are still in good health and take steps to prevent financial abuse. These strategies may also allow a loved one to qualify for Medicaid nursing home subsidies without depleting the estate.
When the elderly people do not have plans in place, nursing home care can soon drain their savings and their children’s inheritance. It may be too late to circumvent the government’s five-year “look-back” on gifts and transfers, but there are other steps we can take. Our lawyers can quickly implement strategies to protect the family residence and retirement assets from creditors, taxes and Medicaid spend-down requirements. We can also address the sensitive issue of guardianship proceedings to be appointed by the court to oversee the personal and financial welfare of a family member.
Mahaffey & Associates serves Toledo and the surrounding communities of northwest Ohio. We also welcome adult children who live out of state and are planning for nursing home care on behalf of mom or dad.