As we continue our Q&A series, partner Charles Bratton addresses the important question of Are there ways to protect assets from long term care costs if a parent or loved one may need nursing home care in the future?
According to Bratton, “Asset protection should not be limited to when one dies. Individuals need to think ahead and consider a time when nursing home care is required. There are alternatives to help preserve assets by setting them aside to family. Since these matters are highly personal, it is hard to generalize what may be the best options. We recommend a consultation to explore clients’ unique situation.”
Due to ever-changing laws, having a specialized attorney can be a client’s biggest asset. “Most importantly, clients need to have a plan in place sooner rather than later and should review their plan when changes in relationships or economic circumstances occur.”
Check back next week for part four and five.