Planning for long-term care — which is also often called “asset protection planning” — involves 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 rate for a nursing home is over $10,000 per month, and it is well over that in larger cities like Bangor and Portland. These rates increase every year.
The Maine Elder Law Firm works with clients to plan for these potential costs while protecting assets needed for their spouses, children, or other beneficiaries. Our expertise includes assisting clients in qualifying for Medicaid / MaineCare long-term care benefits which pay for nursing home care, care in assisted living/residential care settings, and nursing services in the home.
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.
We welcome you to browse our helpful articles on Long-Term Care Planning.
To consult with us about options for long-term care planning in Maine and how we can help, please contact the Maine Elder Law Firm in Bangor.