Protecting Assets from the Cost of Long-Term Care- Cleveland Elder Law Attorney
Long-term care costs can include a variety of things, such as home care, assisted living facility fees or nursing home care. Unfortunately, it doesn’t tend to take long before a family’s savings is depleted when a loved one needs care. Because of this, it is reasonable to look at options for sheltering assets.
The choice to protect assets is a personal one, but most commonly the reason is that the elderly parent wants to pass his assets down to the next generation. If this is the case, sheltering these assets is very important. In other cases, the senior’s desire to live at home until the end may be most important, in which case those assets can be used to ensure the quality of life desired.
Occasionally, people chose to pay for care privately for personal reasons. For example, private rooms in nursing homes are typically reserved for private pay patients. In some areas, assisted living facilities may only be available to private pay clients, and the quality of life tends to be more enjoyable in assisted living facilities than in the hospital like setting of a nursing home.
Regardless of your reasons, there are ways to both utilize or protect the assets you have accumulated over the years. A qualified Cleveland elder law attorney can look at your financial situation and wishes, and help devise a plan that will accomplish your goals and needs long-term.
