Asset Protection Planning
When we talk about “asset protection planning” at the Maine Elder Law Firm, we are referring to the strategies and tools that can help you protect your money and your property from the high cost of long term care. In Maine in 2014, the median monthly rate for a nursing home was $98,550 per year. It is actually higher in Bangor at $124,000 per year, and those rates continue to increase annually.
It is best when we can work with you in advance of a $107,675 per year crisis and preferably at least five years before a crisis. We can do proactive planning, possibly to include long term care insurance and maybe including asset protection trusts.
But we can also do “crisis planning.” That is, we use legitimate strategies to protect the assets of an individual even after he or she is in a nursing home.
You can read more about the sources of payment for long term care in this article titled Planning Ahead: Asset Protection Trusts.
The information presented in this article does not constitute legal advice nor does the provision of this information establish an attorney-client relationship with the Maine Elder Law Firm. Please see our Disclaimer.