Asset Protection Harrisburg, PA
Bellomo & Associates, LLC
HARRISBURG ASSET PROTECTION
The cost of nursing home care continues to increase with each passing year. Some people spend more than $100,000 a year for nursing home care. The question is how to shield your assets from unnecessary taxation as well as egregiously expensive healthcare costs. Our asset protection team in Harrisburg knows exactly how to protect your hard-earned savings and other assets.
Why Asset Protection is Important for Seniors
Asset protection is essential for seniors worried about the costs of long-term care. Asset protection also provides protection against potential lawsuits, creditor money-grabs and other threats. Meet with our Harrisburg legal team to discuss asset planning and we will perform a thorough evaluation of your assets. Our attorneys will craft the perfect asset protection plan for your unique finances.
Asset planning is perfectly within the confines of the law. The letter of the law is written as such to ensure seniors have a means of protecting their hard-earned savings for their family. Proper planning protects assets against the ever-growing costs of ongoing senior healthcare as well as uber-expensive nursing home care. However, asset protection must be performed carefully as there is the potential for creditors to scrutinize the plan down the road. This is not the type of project you can handle on your own.
Do not Spend Your Savings Paying for Senior Care
Most people stay in a nursing home for two to three years. Unfortunately, these care facilities cost between $70,000/year and $170,000/year. Adding salt to the wound is the fact that Medicare does not cover the cost of nursing home care. Rather, Medicare coverage is limited to paying for skilled nurses. There is the potential for Medicaid to cover the cost of your nursing home. However, you might not qualify for Medicaid unless you spend-down your assets.
Your unique spend-down plan will be carefully crafted by our legal team to ensure you are not impoverished by the exorbitantly high cost of care at your local nursing home. The spend-down plan ideal for your unique situation hinges on your marital status, time remaining before entering the nursing home, the amount of assets in your name and a number of other factors. As an example, money can be transferred to loved ones well in advance of entering a nursing home. However, it will be difficult to transfer all of one’s assets to a spouse in order to qualify for Medicaid. Medicaid eligibility is partially based on the couple’s non-exempt assets. This is just one example of the idiosyncratic rules pertaining to senior citizen healthcare.
Timing is Everything in the Context of Asset Protection
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