Yes, there are ways to plan ahead of time and, in fact, you should plan as early as possible when you are faced with a progressive brain disease like Parkinson’s (or dementia or Alzheimer’s). If you start early, we can set aside certain assets in a special trust to make sure they are protected. Because Medicaid has a five-year lookback period, the assets will be placed in the trust, held for five years, and then they will not be at risk if your husband ever needs to be placed in a nursing home. This is very technical planning and must be done in the exact right way, otherwise you will lose the asset protection.
Please call or email me to talk about more details. We offer a no cost, no obligation consultation to talk about these important elder law and estate planning issues.
Glenn Matecun is a partner with the law firm of Matecun, Thomas & Olson, PLC in Howell. He is an attorney focusing on estate planning, elder law and senior Veterans’ benefits, and answers readers’ questions on legal matters affecting individuals, their families and their businesses. Listen to Glenn on Senior Law Radio, WMUZ 103.5 FM, every Saturday from 3 p.m. to 4 p.m. Email questions to [email protected], or if your question is urgent, call (517) 548-7400. Visit us at www.MichiganEstatePlans.com. The information in this column is not intended as legal advice.
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