Expert Advice On Safeguarding Your Assets From Nursing Home Costs Through Ma Medicaid

Expert Advice On Safeguarding Your Assets From Nursing Home Costs Through Ma Medicaid

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People work their whole life, and theyve scrimped and theyve saved and theyve provided for the kids and then an emergency happens and its not something that theyve planned for. People over the age of 65 have a 60 percent chance of requiring Medicaid long term care in future. It therefore becomes essential to make sure youre protected and your family members are protected from financial stress in later years in life.

If theres a husband and wife, and one of them goes into a nursing home, then all of a sudden the spouse at home is under a lot of financial and personal stress, without professional guidance and support. Nursing home expenses run about $10,000 per month. And thats probably at the lower end right now. So the $100,000 that people have saved is gone very quickly. By 10 months, $100,000 can be gone.

MA Senior Asset Protection Specialists such as Common Wealth Advisory Group are able to protect the money and make sure that the spouse at home is provided for as well as the spouse thats in the nursing home as well, ensuring they get the care that they need. They also assist in Disabled Nursing Home Planning and Parent Nursing Home Planning.

As experts in MA Medicaid regulations, CommonWealth Advisory Group is able to put the spouse in a nursing home on Medicaid. Many people think that you must spend all of your money before you get on the Medicaid program. But with a husband and wife, the regulations allow us to save their house, and theyre able to keep roughly $100,000 in cash. Commonwealth Advisory Group provides Massachusetts Asset Protection and the law allows us to do that, and thats what we do. So if one of the spouses goes into the nursing home, well save all the money, all the assets for that at-home spouse. So that, if its the wife thats at home, that shes financially independent, and OK for the rest of her life.

Massachusetts Elder Law Attorney Philip C. Amaru and Executive Director Laureen Vaughn at Commonwealth Advisory Group assist elders and their families looking for MA Medicaid Asset Protection

Here are some very useful tips from the experts in MA Medicaid Regulations, CommonWealth Advisory Group for safeguarding your assets:

No need to liquidate: Many assume to become eligible for Medicaid in Massachusetts. This is not necessarily the case. There are ways to avoid liquidation.

Dont give them away: Some seniors looking to protect their assets simply give them to their children. Those who do lose control over those assets, and if those gifted assets are lost or spent and the giver goes into a nursing home, there can be consequences under federal regulations.

Trusts may not help: Some try to protect their assets by putting everything in a revocable trust. Such funds are still available for liquidation to fund nursing home care.

If you are looking for a consultation or assistance on MA Asset Protection Services, Pre-Planning, Crisis Planning, CommonWealth Advisory Group can help. Commonwealth Advisory Group has helped thousands of clients preserve their assets both prior to admission to a nursing home, and also when a loved one has already been admitted to a nursing home. We are experts in helping people save their hard-earned assets when faced with a potential nursing home emergency. Unlike those who want to take control of and manage your money, we will show you how to protect it. Call 800-705-1415 to schedule a personal consultation.

Visit http://www.commadvisory.com and protect your assets from Massachusetts Medicaid Spend Down and nursing home Medicaid spend down

About the Author:
Commonwealth Advisory Group has helped thousands of clients preserve their assets both prior to admission to a nursing home, and also when a loved one has already been admitted to a nursing home. There are ways to safeguard a lifetime of savings and property, even if someone is already privately paying a nursing home.



Article Originally Published On: http://www.articlesnatch.com


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