Asset Protection from Long-Term Care Costs
Elder Law Attorneys in Sioux Falls, South Dakota
There is a 70 percent chance of a senior needing long-term care at some point before passing away. That means, if married, it is likely that both spouses might need long-term care at some point. Sadly, one in three adults over the age of 65 will pass away with Alzheimer’s disease or another type of dementia. Even worse, the costs of long-term care often mean after working and saving a lifetime, a person will end up going broke in a nursing home because of the devastating costs of long-term care.
While many families think they just need to “spend-down” their assets, not properly planning to pay for nursing home care can cost you everything, and once your life savings are gone, it’s gone and so are your choices. You also need to make sure to avoid some of the biggest mistakes people often make when trying to “hide” assets. These mistakes can disqualify you, create penalty periods longer than the five-year look-back, or leave you penniless if you give money to a child who then loses it in a divorce, car accident or business venture gone wrong. When you are talking about your home, life savings, or your loved ones, there is too much on the line to not do proper planning.
Visit with our experienced and qualified elder law attorneys to make sure you are protecting assets properly and find out what you can do to protect money – EVEN IF your loved one is already in a nursing home. Proper asset protection planning will not only give you peace of mind that you will have assets there when you need it, but also make sure you are minimizing taxes, avoiding probate and estate recovery, and taking care of your loved ones and yourself.
Contact our South Dakota elder law lawyers today to schedule a complimentary consultation.