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.
DON’T GO INTO A NURSING HOME IN THE FIRST PLACE
“Aging in Place”
This is the “aging in place” option. Now we’re getting somewhere. The National Institute on Aging has a great article on aging in place if you’re not familiar with this concept. But you probably are, because according to the AARP “87 percent of adults age 65+ want to stay in their current home and community as they age.
So, Raise Your Hand if You Would Prefer to Age in Place
Among people age 50 to 64, 71 percent of people want to age in place.” For this option you don’t even need a Medicaid lawyer. Or do you? In the state of Maine, or New York, states where I practice, you can qualify for home-based care in thirty days or so. You should consult with a Estate Planning lawyer if you want to know the details. Number 8 on the Top Ten Ways to Protect Your Stuff from Medicaid or a Nursing Home list means staying home as long as possible. If you need help with what they call the “activities of daily living” – shopping, dressing, cooking, you may qualify.
Income and Asset Limits
If you’d like to protect your money from Medicaid, aging in place is a good place to start. But if you have too much money or property you won’t qualify. So how do you qualify if you have too much money or property? We’re back to Option 9 again – give your stuff away. With all the negatives about Option 9 – the risk of loss to divorce, law suits, bankruptcy, or just plain refusal of the gift recipient to use your stuff for your benefit – Option 9 still doesn’t seem foolproof. But don’t lose heart yet. In a future option on this list you’ll discover how you can maintain control of assets and protect them at the same time.
Stay Tuned for #7 on Friday.
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.™