For most people their residence is far and away their single most valuable asset. So, it’s no doubt that one of the most pressing questions we get during Asset Preservation Planning is:
“Well, if I am facing nursing home placement, how can I protect my residence from being lost to the cost of my care?”
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, continues with the series on Asset Preservation Planning and discusses how you can protect your residence from being lost to long-term care costs.
How Can I Protect My Residence From Long-Term Care Costs?
Transcript:
Hi, I’m Wes Coulson and this is your Elder Law Minute. This is another in our series of videos on Asset Preservation Planning. Today I want to address a very common, and also very important question, which is:
“Well, if I am facing nursing home placement, how can I protect my residence from being lost to the cost of my care?”
That’s really important because for most people their residence is far and away their single most valuable asset. The quick answer to that question is “Well, it all depends, and we can’t give the same answer to everyone.”
We’re going to look, first of all, to see if you’re married or single because the strategies are different. We’re going to look to see within the Medicaid rules, there are certain exemptions that apply that allow the transfer of ownership in very particular situations, and we’re going to see if one of those apply. In most cases, we don’t want to transfer the ownership directly to someone, but rather into a special kind of trust called a Real Estate Preservation Trust.
So, what we have here is really a complex issue and something that if you’re facing that question, you really, really need to talk to an experienced elder law attorney about. Thanks.
For more information on Asset Preservation Planning, visit these articles:
- The Sooner the Look-Back Period Starts, the Sooner It Ends
- Why do I need an Asset Preservation Plan?
- Long Term Care Costs: The Biggest Threat to your Financial Future
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.
