Asset Protection Planning
When we discuss “asset protection planning” at the Maine Elder Law Firm, we are referring to the legitimate strategies and tools to help you protect your money and your property from the high cost of long-term care. In Maine, the median monthly rate for a nursing home is over $100,000, and it is well over that in larger cities like Bangor and Portland. These rates increase every year.
If we can work with a client at least five years before any anticipated need for expensive long-term care, we can offer “proactive planning,” possibly to include long-term care insurance and maybe asset protection trusts.
But it is not too late to preserve assets if an individual has an immediate need for long-term care at home, in an assisted living/residential care facility, or in a nursing home. There are legitimate “crisis planning” strategies to preserve assets for your spouse and even for the next generation even after an unexpected medical crisis.
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.