Medicaid Planning— When a person becomes unable to care for themselves due to illness, most people need to at reside in a nursing or rehabilitation facility so they can have 24 hour care specialized care. The cost for nursing homes can be approximately $7,000.00 per month. This can be a financial blow no matter what a person’s income. For some, private paying for a nursing home is simply impossible. For others, private pay is financially feasible initially, however without proper planning their savings are promptly depleted placing the spouse, child or other dependent in a precarious financial position. To enable a person to remain in a nursing home after one’s assets are gone or when one’s assets are minimal, the federal and state governments have established a system (Medicaid) which will pay for nursing home care if a person cannot afford to pay privately.
In order to prevent a nursing home resident from plunging a spouse or child into poverty, there are numerous programs available to preserve a person’s assets for the benefit of the spouse or children living in the community. The law contains many programs to protect the family home, bank accounts, investments, automobiles, and other assets. We have assisted many individuals and families in planning ahead in this complicated process. We have successfully protected the family home for the surviving spouse and/or child, protected money assets and other property. It’s a complicated process with strict time requirements. Planning ahead is best, but we can also help protect assets in an emergency situation after a person enters a long term care facility with little or not advanced notice.
Frank V. Grimaldi and Seth J. Urbanoski practice Medicaid Planning and Asset Protection in Cambridge, MA.