What can I do to keep nursing home or state from taking home,money and other assets from me?
I am 54 years old retired from Chicago Transit Authority, single and have no children. I have a sister who is married with one daughter. I know my sister will not be able to take care of me if I get sick because she will be working. I am not sick but I need to know what steps to take before I do get sick. I live in Chicago, Illinois
Asked on 11/12/09, 12:55 pm
2 Answers from Attorneys
You should discuss your concerns with a knowledgeable attorney. There are financial planning and estate planning methods available to help pay for at-home or nursing home care and/or protect one's assets from the spend-down provisions of Medicaid. However there are time restraints and for certain things to work, one needs to set plans in place several years before the need to enter a home/collect benefits.
Sincerely,
Paul Fine
(773) 968-6359
Answered on 11/17/09, 2:52 pm
Gregory Turza
Law Offices of Gregory P Turza
The best option is to buy a long term care policy. If this is not a option then you need some form of Medicaid planning. However, at your age I doubt I would do such a plan for you. Medicaid planning is very complex. You should consult with an attorney specializing in that area.
Answered on 11/17/09, 3:45 pm
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