Long-Term Care Asset Protection
Families with loved ones in nursing homes and rehabilitation facilities need to consider taking asset protection measures to preserve assets from nursing home costs that often exceed $8,000 per month. Individuals who have received a recent diagnosis of dementia or other progressive illness should also seek preventative measures to preserve assets. Medicaid and other trust and estate laws differ in each state, so much conflicting information exists.
Planning for long-term care when you cannot qualify for long-term care insurance to protect your assets starts when you are ready. Sometimes, you need five years in advanced planning to protect assets, and sometimes, you do not require planning that far in advance. Usually, your planning options are controlled by the following factors:
- your wishes for your desired care setting
- your monthly budget… are you in a deficit?
- your total assets
- whether you are married
- your family dynamics and situation
Our long-term care asset protection frequently asked question section can get you started. The Florida Bar Board Certified Elder Law Attorneys at Berg Bryant Elder Law Group, PLLC can help protect assets due to long-term care needs.
Oftentimes, people come to our firm when they’re already paying for care, or their children are already taking a lot of time to care for their parents. Our firm works with long-term care providers and has experience helping with care placement issues. Long-term care asset protection on an emergency basis starts with proper placement.
Florida’s long-term care asset protection rules are among the more “elder friendly” in the country. You can also get help from a long-term care asset protection attorney in Jacksonville, FL who can help you with Medicaid planning and asset protection. Call the office of Berg Bryant Elder Law Group, PLLC in Jacksonville and Orange Park, Florida at (904) 398-6100.
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