As our parents get older, we want to make sure that their assets are safe and protected.
Attorneys Michelle Procino-Wells and Amber Woodland, co-owners of the Procino-Wells and Woodland Law Firm, join us on the couches to answer all of our questions about this topic.
Asset protection planning to protect assets from the cost of long-term care includes obtaining eligibility for government long-term care benefits. Asset protection planning ensure the following:
- A payment for needed services
- Preservation of a nest egg for the senior’s future care
- Providing a legacy to the senior’s family at death
There are three levels of planning:
- Pre-planning: recommended for a healthy senior who does not expect to need long term care within the next five years
- Intermediate planning: recommended for a senior who does not currently need long term care, but who will likely need it within the next five years
- Crisis planning: recommended for a senior who is currently receiving or eligible to receive long term care at home, in assisted living, or in a nursing home
Michelle and Amber also tell us that asset protection planning is legal and ethical.