How to protect and preserve assets when faced with Long Term Care expenses

The keys to protecting and preserving your assets when faced with long term care expenses is to know the rules, use them to your advantage and do those things that are allowed. 

Here’s one area to know: Prepositioning

Couples planning often uses prepositioning to achieve benefits for the person in need while preserving assets for the healthy spouse. This can include things such as:

• Paying off the mortgage.
• Paying down or off a vehicle or replacing one.
• Home repairs and home modifications for care
• Medicaid friendly annuities

Also, having the right tools is essential:

• Legal documents allow spouses and children to be able to act.
• Power of attorney - financial
• Power of attorney - medical
• Metal health power of attorney

Children also need to be actively involved in the process:

• Know where documents are (including marriage license!)
• Know what documents will be needed should an application for assistance be necessary
• Know what the health issues are
• Know when not to assist in covering expenses

Without knowing the rules, poor planning can result in complete liquidation of the marital estate. Experts can not only guide you in the rules but often assist in the process as well.

 

For more information contact Charles “Mike” Dyer at [phone] or visit http://www.dyerferris.com/