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How to protect and preserve assets when faced with Long Term Care expenses - Wealth for Life

Posted by | October 09, 2014 | retirement income | No Comments

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

Denver Nowicz

About Denver Nowicz

Denver Nowicz is an independent financial services professional. He is the founder of Equity4Profit and Wealth For Life Financial Solutions. Over the last 12 years, Denver has successfully developed and implemented comprehensive wealth building retirement plans for individuals and businesses of all sizes. For over seven years he has hosted the “Get Wealthy Arizona” radio show featured throughout Arizona.

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