Protect Your Savings After a Nursing Home Admission

Author

Sechler Law Firm, LLC

For more information about the author, click to view their website: Sechler Law Firm LLC

Posted on

Jun 06, 2023

Book/Edition

Pennsylvania - Greater Pittsburgh Area

If you have a spouse or parent in a nursing home, you’re probably aware of the expensive costs involved.


But did you know there are strategies available to help protect your family’s savings? Even if you think you have too much money to be eligible for Medicaid, a Certified Elder Law Attorney can explore new options for you.


Here’s an example: Let’s say Fred and Wilma are a married couple and Fred has entered a nursing home. They have $200,000 in total assets, and at first glance, it seems as though roughly half of that will need to be spent on care. However, after consulting with a Certified Elder Law Attorney, Wilma learns that she can protect the $100,000 by purchasing something called a Medicaid Compliant Annuity - a landmark court case made this possible in 2015.


With the right investment device, Wilma can turn the asset into an income stream that will last the rest of her life, all while not putting that money at risk. Medicaid won’t count the healthy spouse’s income, so this money is protected. It’s important to note that this is just one example of a more complicated process.


When it comes to protecting your family’s savings, it’s best to consult with a Certified Elder Law Attorney who can find the most appropriate solution for your unique situation.


Editor’s Note: This article was written by Certified Elder Law Attorney* Tim Sechler, Esq., Sechler Law Firm, LLC.  Contact our office at 724-564-6615 or visit www.SechlerLawFirm.com.  *Certified as an Elder Law Attorney by the National Elder Law Foundation as accredited by the Pennsylvania Supreme Court.

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Elder Law 20206 State Rte 19 Ste 300, Cranberry Township, Pennsylvania, 16066

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