Family Avoids Substantial Nursing Home CostsTrust & Estate Planning
Posted in on March 14, 2014
When an elderly man required immediate placement in a nursing home due to a stroke, his wife was faced with multiple issues including the payment of approximately $13,000 a month for his care. The elderly couple was not prepared for such a catastrophe. They did not have an Estate Plan to address issues such as: admission to a nursing home without having a Health Care Proxy, managing his affairs without having a Durable Power of Attorney and satisfying the wife’s needs while meeting the $13,000 monthly payment and attempting to preserve the family inheritance. The wife turned to Attorney Christopher Sullivan to assist her with the issues she faced. Attorney Sullivan determined the quickest way for the husband to become eligible for long-term care benefits. One of the suggestions recommended by Attorney Sullivan was for the wife to have home repairs done. This lowered the couples’ assets in conformity with MassHealth regulations. The result was that the expenditures on the house contributed to the husband’s eligibility for benefits resulting in lowering the amount the couple would have to pay the nursing home. The expediters also increased the value of the home. At Baker, Braverman & Barbadoro, P.C. our attorneys have over thirty years experience in estate and asset planning for individuals and businesses.