Elder Law
  ·Medicaid Planning, Applications, & Appeals

Do I need to worry about money once I enter a nursing home?

A recent American Association of Retired Persons (AARP) poll found that an average family's life savings would be wiped out within four months of one spouse's admission to a nursing home.

So if I go into a nursing home, they'll take my money away from me? What about my CDs? Will they take them?

These questions often arise when a family considers placing an elderly relative in a nursing home. The costs involved can be intimidating, and nursing home costs, including medications and physicians, can quickly dissipate a moderately sized estate.

Too often, a lifetime of savings and hard work end in family impoverishment because of inadequate planning during life. Find out the facts. Then take the necessary steps to protect your family's assets. After all, you spent your entire life earning them.

What can I do to protect my assets and avoid impoverishment?

Two words: Effective Planning. There are several legal alternatives to the "spending down" of a family's entire life savings. We can help determine the best alternative for any individual by:

  1. Analyzing family financial resources and implementing proper planning to qualify for Medicaid assistance.
  2. Preparing the formal Medicaid application and following clients through the Medicaid process.
  3. Preparing Qualified Income Trusts (QIT) to successfully overcome "income cap" problems.

Remember-- Never allow anyone to sign a nursing home admission contract that contains a mandatory arbitration clause as part of the contract. Refuse to sign if that clause is not stricken out and seek professional help. You may be contracting away the most basic of your constitutional rights -- a trial by jury. A trial by jury may be necessary for the possible abuse and neglect of a nursing home/ALF resident -- your loved one.

There are still several ways to quickly qualify for Medicaid benefits. If you would like to discuss how you can protect your assets from nursing home expense and qualify your loved one for Medicaid, contact The Schofner Law Firm.


CONTACT THE SCHOFNER LAW FIRM