This is one of the most commonly asked questions I receive during “nursing home” asset protection consultations. The healthy, at-home spouse is often anxious and concerned about his or her spouse’s medical condition; many just assume that the life savings must be spent on the nursing home care, which undoubtedly feeds the anxiety. Transitioning from home to a nursing home is a very stressful situation for not only the spouse needing care, but also for
Every week I meet with clients who are concerned about their own, or a loved one’s,declining health. Sometimes, admission to a skilled care nursing facility is discussed as a next step because the family can no longer provide the level of care required to keep the loved oneat home. A skilled care facility can certainly provide a level of care that isn’t always possible at home, and there are times when that is the best
In last month’s article I discussed meeting with clients after a death of a loved one, and the process of gathering information regarding the decedent, and said person’s affairs. Once this information is obtained, the issue is whether or not to open a “probate” estate. The main purpose of a probate estate is to prevent fraud, notify creditors, pay decedent’s last bills and taxes/tax returns. The triggering issue is whether the decedent’s net (after liens,
Usually clients meet with us after a loved one’s funeral services are complete and clients are going through the grieving process. Unfortunately, financial and legal matters can not wait. Many clients have extensive knowledge and involvement; some have no information; either they were not involved or the loved one was private with their affairs. What needs to be done financially and legally really depends on so many factors. We provide a consultation, and meet with
Many clients discuss with me my thoughts and their concerns, especially the costs, regarding purchasing long-term care insurance. In a recent previous article I discussed new innovative long-term care policies known as hybrid policies that provide long-term coverage and a death benefit; so, either the client, or their heirs will receive a benefit during life, or death, from the policy. Not a “use it or lose it” traditional policy that may also have future rate