I’m worried about my aging mother’s healthcare costs. How can we protect her assets?
A lot of clients that I have are really surprised to find out that at least as of right now nursing home costs can be $60,000 a year and they're worried; what are they going to do if either their parents need to go in a nursing home at some point in the future or worse, their parents are in a nursing home now.
And there's two different types of planning, you have the pre-crisis planning meaning at some point in the future mom and dad might need a nursing home. That's where we can really help the most, make sure that assets are protected through various techniques, sometimes we use an irrevocable trust.
The other planning is a crisis planning and a lot of people think it might be too late, mom's in a nursing home, there's nothing I can do; I have to spend all of her assets before we can get some help. We're able to show our clients, depending on the situation, we might be able to protect 90%, 95% of the assets or at least half of her assets. Again, it just depends on what the situation is.
So it's really important that no matter where you are in the process call us, talk to a very qualified elder law attorney to see what they can do for you.