I'm looking for information of protecting my family's assets should I be admitted to a nursing home for an extended period of time. Where can I find information on this?
Thank you!
2007-02-28 17:51:52 · 4 answers · asked by coolkid70 4 in Business & Finance ➔ Personal Finance
To protect your family's asset you can either talk to an attorney about setting up a trust, OR you can simply add Power of Attorney or Beneficiary on your assets.
As far is liquidable asset, (Cash etc) you can place that into a fixed annuity that can provide you with streaming income for the nursing home and at the same time you can designate a beneficiary to inherit that asset if something were to happen to you.
Hope that help. Talk to an attorney or a Financial Planner.
2007-02-28 18:26:53 · answer #1 · answered by toanlysd 2 · 0⤊ 0⤋
You do know that trying to "protect" (aka HIDE) your assets so you can get Medicaid to pay for your nursing home stay is ILLEGAL, right? As far as I'm concerned, it is also IMMORAL, because I am one of the law abiding taxpayers who foot the bill for Medicaid & all the other welfare programs. If you are still in decent health, buy long-term care insurance that will (a) pay for a better nursing home (or home care) than you could get into on Medicaid & (b) allow you to keep your assets without having to rip-off the rest of us!
2007-03-01 00:30:34 · answer #2 · answered by Tom's Mom 4 · 0⤊ 0⤋
I would recommend a foundation in Panama. To protect your assets you would then start "donating" them to the foundation. When you go into the nursing home your family will have very little assets on the books. Of course they will still have full use of them! Read more here:
http://www.searchallinone.com/offshore-banking/asset-protection/panama-offshore-asset-protection/asset-protection-that-is-bullet-proof.html
2007-03-02 04:05:35 · answer #3 · answered by Offshore L 1 · 0⤊ 0⤋
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2017-02-27 18:38:39 · answer #4 · answered by Jason 3 · 0⤊ 0⤋