Can you still protect assets if your loved one is already in a nursing home in Alabama?
My name is Bill Miller and I am an Elder Law and Estate Planning attorney at Adams Miller in Anniston, Alabama. We help people with estate planning, elder law and other matters including medicaid planning. We always get questions about how to get medicaid to pay for nursing home care in Alabama. There are several myths out there about nursing homes and when will Alabama medicaid pay for nursing home care. But one of the biggest myths that is out there is that once you are in a nursing home, it is too late for you to save or protect any of your assets.
That is not true. There are many plans that can be put into place or strategies that can be put into place that can protect some of your assets even if you or your loved one are already in a nursing home in Alabama. As Anniston Medicaid planning attorneys, we have had many clients call us and say "my mother is in a nursing home and she has $300,000.00 in assets. Someone told us we're gonna lose all those assets, etc." Again, it is simply not true but that myth prevails for whatever reason.
Recently, we had a lady call us whose mother was in the nursing home. They had already spent over $100,000 on her care over the past 2 years. They had about $310,000 left in her account, all of which was still at risk to the nursing home. After we did a complete analysis and put a plan in place, we saved the family about $200,000! Instead of have the entire $310,000 at risk, only $110,000 is at risk.
If you have a loved one in a nursing home or is facing the prospect of going into one, I encourage you to attend one of our free estate planning/asset protection workshops to get more information or visit our website. If you are in a crisis situation, call us to set up an appointment to come in so that we can discuss your situation and see if there is a strategy that we can put into place to protect your assets even if they go into the nursing home.
If you would like more information about medicaid and nursing home care in Alabama, get a free copy of our report “What you Need to Know Alabama Medicaid Planning” by clicking the link. You can also register for a free estate planning/asset protection workshop by calling us at 256 251-2137 or visiting www.AnnistonEstatePlanning.com.