This is a very good question and we work with people every day who are worried about losing their life savings because of high long-term care costs. First, make sure to look at all other options as far as where she is receiving care. For example, an assisted living community may be less costly and provide the care she needs. If not, and skilled nursing care is required, there are many legal strategies to help you protect your home and life savings. 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. You have several options that will provide protection for your assets. But these are not “automatic” protections. You must talk with an experienced elder law attorney to make sure you get your wife the best care possible, and at the same time protect your home and your life savings. We offer a no cost, no obligation, consultation to talk about your situation and discuss your options.
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.