No, but you must take active steps to protect your assets. It’s hard to believe, but if you are married and your spouse is going into (or already in) a nursing home, you can protect your home and all of your life savings. Congress has passed specific laws so that the spouse outside the nursing home won’t go broke. Many people think there are no options except paying out of pocket until all your money is gone. You will be pleasantly surprised at the types of planning options available to you. But, let me stress this again, these are not “automatic” protections. You must talk with an experienced elder law attorney to make sure you understand your rights, get your husband the best care possible, and protect your home and your life savings. We offer a no cost, no obligation, consultation to talk about your situation and discuss your options relating to asset protection planning, estate planning, Medicaid Planning and Veterans’ Benefits for long-term care. Please call or email me to talk about more details.
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.