Coulson Elder Law is now Dent-Coulson Elder Law
Learn More

Estate Planning and Elder Law Attorney | Dent Coulson Elder Law

Get Help Right Away

Call Today: 618-632-7000 or 217-330-5500

or Send us an email

  • Home
  • Our Services
    • Alzheimer’s Planning
    • Asset Preservation Planning
    • Estate Planning
    • Medicaid Eligibility
    • Special Needs Planning
    • Trust and Estate Administration
    • VA Benefits Planning
  • News & Videos
    • Video Series
      • Coronavirus Preparedness
      • Asset Preservation Planning
      • Common Estate Planning Mistakes
      • Dealing With Alzheimer’s
      • Financial Exploitation of Elders
      • Handling Difficult Conversations with Seniors
      • Married Couples and Medicaid
      • Medicaid Application Process
      • Medicaid Look-Back Rule and Transfer Penalties
      • Nursing Home Admission and Care
      • Veterans Pension Benefits
      • What You Can and Can’t Keep with Medicaid
    • Weekly Newsletter
    • The Elder Law Minute
  • Alzheimer’s Guide
  • Presentations
    • Health Care Power of Attorney
    • Free Workshops
  • Hear From Our Clients
    • Testimonials
    • Share Your Experience
  • About
    • About Us
    • Meet Our Staff
    • Partners & Resources
    • About Our Fees
    • COVID-19 Policies
    • Privacy Policy
  • Contact
    • Email Us
    • Find Our Offices
    • Refer a Friend

Is Protecting Assets From Long-Term Care Costs Ethical and Moral?

The planning involved in protecting someone’s assets from the devastating costs of long-term care often spark questions with regards to its ethical and moral standpoints.

As to a moral standpoint, Alzheimer’s is a destructive disease that requires a specific kind of care, usually involving a long-term care facility. While there is financial help for people with other diseases, such as cancer or heart disease, there isn’t much financial help for nursing home care that doesn’t involve losing, or spending down, your life savings to practically nothing.

The asset preservation planning involved, from an ethical and legal standpoint, simply takes advantage of opportunities that exist within the law.

In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, presents another topic covered in The Alzheimer’s Guide: Practical Advice for Families, Caregivers and Professionals and discusses a common question people have in regards to the ethical and moral positions of the planning involved in protecting someone’s life savings from the devastating long-term care costs that can be a part of the Alzheimer’s process.

Is Protecting Assets From Long-Term Care Costs Ethical and Moral?

Transcript:

Hi, I’m Wes Coulson and this is your Elder Law Minute. Today we’re going to talk about another one of the topics that we cover in our Alzheimer’s Guide (contact us to get your free copy) and that is one aspect of the subject of the planning that we encourage people to do to protect their life savings from the often devastating long-term care costs that can be part of the Alzheimer’s process.

So, I’ll have people ask, “Well, is it moral? Is it okay to do that? Is this planning legal?”

As to the moral question, I take a broader perspective I think a little bit of morality. I think of two people that are otherwise identically situated in their 80s and they’re afflicted with two different diseases. One has cancer or heart disease and the other has Alzheimer’s. Both are very much diseases.

We say to the person, or the couple that has a family member who has cancer or heart disease, “We’re so sorry about that, but we have you covered financially. This shouldn’t cost you your life savings.”

People with Alzheimer’s need a different kind of care and we have a distinction that says, “No, you get no help. If you need to go into the nursing home, the only help you’ll get is if you’ve gone through your life savings and can qualify for Medicaid.”

So, I don’t see any moral distinction between those two families. The distinction is purely a legal one. From a legal standpoint, I will tell you that everything we do is simply taking advantage of opportunities that exist within the law.

The analogy I like to give there is: When you file your tax return every year, if you have deductions available, if you have exemptions available, do you take them?

Well, I think everyone says, “Well, yes I do.” Well, in this case there are similar things that are available to you, except that since you haven’t gone through the process you don’t know about them. And that frankly is why you need the help of a competent, experienced elder law attorney. Come talk to us, we’ll be happy to help with that. Thanks.

For more topics from The Alzheimer’s Guide, visit these articles:

  • Can Someone Diagnosed With Alzheimer’s Still Execute Legal Documents?
  • Memory Care: The relatively new option for Alzheimer’s care
  • Alzheimer’s and the Five-Year Look-Back Period: The time to plan is NOW!

“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 (618)632-7000 or (314)567-9292 or Contact Us and we will get in touch as soon as possible.

Veterans Benefits O'Fallon ILFor Immediate Help

If you or a loved one needs immediate help with a planning matter or legal issue, please contact us, and we will get back to you promptly.

Office Hours
Monday - Friday: 8:30 a.m. to 5 p.m.

Call Us
618-632-7000
217-330-5500
314-567-9292

Connect with Us

  • Facebook
  • Twitter
  • YouTube

Join us for a FREE Workshop

 

Free WorkshopsIf you have reached age 65, there's about a 45% chance that you will eventually need long-term care.

Join us for one of our highly informative and FREE workshops and find out how you can protect your family's hard-earned life savings.

Visit Free Workshops for more information.

Newsletter

Subscribe to our free weekly Newsletter and receive the latest news, updates and videos straight to your inbox!

Recent Posts

  • What an Illinois Medicaid Applicant Can and Cannot Keep: Motor Vehicles
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Personal Residence
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Household Goods & Personal Effects
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Life Estates
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Money & Other Assets Held in Trusts

More News & Videos

  • Alzheimer's Planning (85)
  • Asset Preservation Planning (150)
  • Coronavirus Preparedness Series (9)
  • Coulson Elder Law (11)
  • Elder Law Minute Video (385)
  • Estate Planning (132)
  • Health Care Planning/Medicare (79)
  • Medicaid Eligibility (141)
  • News & Videos (429)
  • Special Needs Planning (48)
  • Trust Administration (14)
  • Veterans Benefits (51)

774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

415 W. Virginia Ave.
Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333
Send us an email

Front office building of Coulson Elder Law

Front office building of Coulson Elder Law

  • Directions to our office locations

774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

415 W. Virginia Ave.
Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333
Send us an email

  • About Us
  • News and Videos
  • Weekly Newsletter
  • Brochures
  • Presentations
  • Hear From Our Clients
  • Partners & Resources
  • Legal Disclaimer

Copyright © 2023 · Wesley J. Coulson | Dent Coulson Elder Law, LLC