Protecting Your Savings After a Nursing Home Admission

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Sechler Law Firm, LLC

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Aug 04, 2020

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Pennsylvania - Greater Pittsburgh Area

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If you have a spouse or parent in a nursing home, you should read this article.

Everyone knows that nursing homes are expensive.

However, you likely don't know the techniques that are available to protect your family's savings. It is sometimes possible to gain Medicaid eligibility, even if you've been told you have too much money.

Let's look at a quick case study: Fred and Wilma are a married couple. Fred has entered a nursing home. Let's say they have $200,000 of total assets. From the outset, Wilma would be allowed to keep about half of this money. The other half, roughly $100,000 would need to be spent on care.

However, after consulting with a Certified Elder Law Attorney, Wilma learns that the holding from a landmark 2015 court case allows her to protect the $100,000 by purchasing something called a Medicaid Compliant Annuity. This investment device turns the asset into an income stream for Wilma, perhaps for the rest of her life. The interesting thing is that Medicaid doesn't count the healthy spouse's income. Therefore, the money is protected.

Now, let me state this clearly: this example is overly simplistic and you should not try it alone. In reality, the process is more complicated and this technique may not be appropriate for your family's situation. The key is to work with someone who can help you find the most appropriate solution for your family's challenges.

The Sechler Law Firm is currently providing No-Cost phone consultations to determine if we can help your family. Call us now at 724-564-6615 or visit sechlerlawfirm.com for more information.
Editors Note: This article was submitted by Certified Elder Law Attorney Tim Sechler, Esq., Sechler Law Firm, LLC. 

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Sechler Law Firm, LLC

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

At Sechler Law Firm, LLC, our mission is to help families make great plans. A great estate plan is more than just a set of documents. It is a comprehensive and well thought out written strategy on how to deal with lifes unfortunate twists and turns. Our process first provides you with the education necessary to make informed decisions with regard to your planning. Then we put the proper documents and legal framework in place to respond to lifes unfortunate changes.Our Estate Planning law office is headquartered in Cranberry, PA. From this office, we happily serve the residents of Cranberry, Mars, Wexford, Pittsburgh, Butler and the residents of surrounding communities. As one of the regions only Certified Elder Law Attorneys, Tim Sechler and his team often assist families from across Western Pennsylvania.We understand that the pursuit of health, wealth and happiness is the goal of most families. We want you to be able to pursue these goals, or whatever goals you may have, knowing that you have a back up plan if life throws you a curveball like a death, disability or nursing home need. With education as our foundation, we will work with you to make decisions to Shield What Matters Most to you.Practice AreasEstate PlanningCustomized planning doesnt have to be difficult for you. We strive to make the process easy. The first step is to identify your concerns so that we can make suggestions regarding your plan.Elder Law Crisis PlanningA significant percentage of our practice is dedicated to helping families navigate the long term care maze. We help with Asset Protection and eligibility for Medicaid and Veterans Benefits.Trust And Estate AdministrationIf you have lost a loved one, we can help you take the necessary steps to help handle their affairs.Tims estate planning practice is focused on guiding clients through the complicated maze of balancing transfer strategies, wealth preservation, and family values in the planning process.Tim is a Combat Veteran, having served in Afghanistan as a member of the West Virginia Air National Guard. Prior to leaving the military, Tim had attained the rank of Staff Sergeant. His experiences in the military have led him to thoroughly enjoy working with Veterans and their families.Tim received his law degree from Duquesne University School of Law, and his Master of Business Administration from the Duquesne University Donahue Graduate School of Business. He received his Bachelor of Science in Business Administration from West Virginia University, majoring in Finance. Tim is licensed to practice Law in Pennsylvania and West Virginia.Recently, Tim has been seen frequently as a guest on KDKAs Pittsburgh Today Live, and has been quoted in several local print publications. For the last several years, he has been honored to be chosen as a Super Lawyers Rising Star, an award given to less than 2.5% of Tims peers. Tim enjoys educating the public about Elder Law and Estate Planning. He has spoken to thousands of people regarding estate planning and has averaged more than 50 speaking events per year.Tim became a Certified Elder Law Attorney* in 2017. A CELA is more than just an attorney who specializes in the field of elder law. CELAs are committed, through certification, to maintaining and improving their proficiency with continual practice and continuing legal education. Becoming certified in elder law validates a lawyers specialty to handle issues that affect senior citizens.Tim and his wife, Robyn, are raising three beautiful children in their home in Mars, PA.*Certified as an Elder Law Attorney by the National Elder Law Foundation.