If you live in New York, or are among the group of individuals including financial advisors, attorneys and accountants who are wedded to the myth that nothing can be done to protect assets after a person enters a nursing home and if you are determined to perpetuate this myth, stop reading. As my grandmother used to say, “It’s not the things we don’t know that will kill us, it’s the things we know for sure that are wrong that will do us in.” Apathy, denial, fear, cost, complexity and misinformation all contribute to the disquieting fact that most people fail to plan adequately for the cost of a nursing home admission.
Here at Lacy Katzen LLP, we assist New York families in protecting assets from exposure to ruinously expensive nursing home care costs. We believe that protecting assets can only be accomplished after the client’s competing goals of remaining autonomous and independent are balanced against the clients other goals of leaving a legacy. Fortunately for New York residents, New York and Federal Law offer numerous, lawful ways to strike this balance.
With proper planning, are you aware…
*All or substantially all of a couple’s assets can be protected after one spouse enters a nursing home?
*40% to 60% of a single person’s assets can be protected after entering a nursing home?
*IRA’s, 401(k)’s and other retirement plans can be protected?
*Family homes can be protected?
*Assets can be protected while receiving home care?
*All assets can be protected for the benefit of a disabled child?
The essence of most asset protection plans, are the lawful movement or transferring of assets from the institutionally bound clients to their spouses or family members. These rules are strictly enforced and care must be taken to avoid serious, unintended consequences that can be created by transferring assets to spouses, children or others, without a comprehensive elder care plan in place.