Here is our interview with attorney Charles “Mike” Dyer on protecting and preserving your assets when faced with long term care expenses. If you are concerned for yourself, your parents or your kids, you’ll find some valuable tips in the interview and the tips listed below.
The keys to protecting and preserving your assets when faced with long term care expenses is to know the rules, use them to your advantage and do those things that are allowed.
Here’s one area to know: Prepositioning
Couples planning often uses prepositioning to achieve benefits for the person in need while preserving assets for the healthy spouse. This can include things such as:
- Paying off the mortgage.
- Paying down or off a vehicle or replacing one.
- Home repairs and home modifications for care
- Medicaid friendly annuities
Also, having the right tools is essential:
- Legal documents allow spouses and children to be able to act.
- Power of attorney – financial
- Power of attorney – medical
- Metal health power of attorney
Children also need to be actively involved in the process:
- Know where documents are
- Know what documents will be needed should an application for assistance be necessary
- Know what the health issues are
- Know when not to assist in covering expenses
Without knowing the rules, poor planning can result in complete liquidation of the marital estate. Experts can not only guide you in the rules but often assist in the process as well.
For more information contact Charles “Mike” Dyer at (602) 254-6008 or visit http://www.dyerferris.com/