TEN WAYS TO PROTECT YOUR MONEY
TEN WAYS TO PROTECT YOUR MONEY AND YOUR HOUSE FROM MEDICAID OR A NURSING HOME
Facts and Misconceptions:Questions from clients to an attorney and his answers.
Misconception #10. “Don’t have any stuff”
Many of my workshop attendees ask how they can protect their money from medicaid? Nursing home costs are very high. When presented with this fact, some of my workshop attendees will simply say, that their plan is not to own anything. Not owning anything is a common response from estate planning workshop attendees. After all, I’ve had the same thought when faced with my own fiscal concerns. For instance, paying for my kid’s college, and at the same time, an expensive home repair. The thought occurs to you. Wouldn’t it be simpler if I had nothing? Once you get past this natural reaction, you realize the better option is to invest in a plan. If you have accumulated assets why not use your money to provide for yourself and your loved ones. I have had clients say, my best friend, parent, brother, sister just went through this.
“One minute we were having brunch together, the next minute I was visiting her in a nursing home. She lived in a room with two other people. One was shouting all the time, the other was watching CNN so loud that neither of us could hear the other. I want a private room if it comes to that.” And there it is, “I want a private room.” How are you going to get the private room if you have no stuff? If you have no money to pay for it? If you don’t have any stuff you don’t have the ability to make yourself more comfortable in that situation. Number 10 on the list doesn’t sound very appealing. As I said, it is something people ask all the time. Despite the fact that not having anything can “protect it”, you don’t have it either. The benefits of having stuff far outweighs the alternative.
Stay Tuned for misconception #9.
For more information on how YOU can protect your stuff and START planning for your estate, call Penbay Estate Planning Law Center at 207-236-4888, follow us on Facebook, or check out our website at https://penbaylaw.com/
Don’t leave your family’s plans in someone else’s hands.™