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:
- Analyzing family
financial resources and implementing proper planning
to qualify for Medicaid assistance.
- Preparing the formal
Medicaid application and following clients through
the Medicaid process.
- 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. |
