If you have a parent or loved one who is in a nursing home or about to enter a nursing home, the cost of the facility will likely exceed $100,000 per year. If married, the healthy spouse is usually very concerned about their financial future. If single, the person often would rather see their assets remain in their family instead of depleted by a nursing home.
The rules have changed dramatically over the years regarding how people can protect their assets from the high cost of long-term care. The current laws in most states still allow for effective asset protection strategies, however it is imperative that you work with a qualified elder law attorney for their implementation.
The Dover Group has a solid background and understanding of the asset protection laws and can provide you with guidance on strategies that can help protect your assets.
If you would like to learn more about the latest asset protection techniques, please feel free to contact us or attend one of Dan Williams’ upcoming classes/seminars.
Financial planning provided by Williams Advisory Services, LLC, a Registered Investment Adviser.
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