Do you have a loved one currently receiving Skilled Nursing Care? Even if your loved one never purchased long term care insurance and also never did any proactive long term care asset protection planning, never fear—there are still some asset protection strategies available. If your loved one in a skilled nursing facility still has a spouse at home, it may be possible to protect all of their assets (though this may not always be the case). If your loved one is single or widowed, it may still be possible to protect around half of their savings, sometimes more and sometimes less, depending upon the particular situation.
If you are in such a situation, where your loved one is already in a skilled nursing facility or is about to enter one in the near future, the main thing you need to do is contact an experienced elder law attorney who is well-versed in Medicaid rules and policy. The type of strategy that will be appropriate for your loved one’s situation depends on the specific circumstances and the particular assets owned. The sooner you contact an experienced elder law attorney, the sooner you and your attorney can develop and implement an asset protection strategy.