Protecting Your Assets From Costly Long-Term Care
When considering long-term care for yourself or a loved one, you want to have the ability to protect your assets. You will want to be sure you have the means to pay for costly medical and nursing home care if you need it, but you also should take proactive measures to ensure money is available for your loved ones and beneficiaries.
Nursing homes and assisted living centers can be costly, and, if you don’t prepare well, your money can run out. That’s why you need a legal advocate who can explore your options and advocate for you. Poole, Mensinger, Cutrona & Ellsworth-Aults, in Wilmington, Delaware, is a seasoned group of lawyers who are well-versed in elder law and estate planning.
Creating Trusts And Establishing A Solid Estate Plan
When confronted with long-term care, you want your money to last a long time. That’s why it is crucial to prepare and make certain decisions while you are still of sound mind. For example, it is critical to set up:
- An irrevocable trust: Assets in these trusts are maintained by a trustee and are no longer in your possession, so they are protected from being raided creditors. They can also help you qualify for Medicaid assistance, in some circumstances.
- Powers of attorney: In case you are mentally unable to make life decisions, you can name a trusted friend or loved one as an Agent under a power of attorney, allowing them to make financial decisions for you.
- Advance health care directive: This document provides clear instructions regarding the medical care you will accept and will not accept if you are comatose or unable to communicate (sometimes referred to as a "living will"), names an Agent to make healthcare decisions for you if you are unable to do so, and allows you to choose whether you would like to donate your organs.
These moves can help you prepare you and your loved ones for when your life comes to an end. Knowing that these decisions have been made can provide great peace of mind in making the present, and reduce the hardship of the future.
We Are Ready To Protect You
When long-term care is a strong possibility, you must find ways to protect your assets and also have a solid estate plan in place. An irrevocable trust can protect your assets so that Medicaid and creditors cannot exhaust all of your savings. Poole, Mensinger, Cutrona & Ellsworth-Aults, in Wilmington, Delaware, understands elder law and estate planning. Our attorneys have decades of experience. Please schedule a consultation with us by filling out this online form or calling 302-428-0100. Se habla español.
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