Attorny Zenk was very knowledgable in this field. It is never too late to protect your assets. Many people apply for coverage without any help, but Medicaid will not tell you how to protect your assets. One important goal of this designation is to provide specific instructions consistent with your estate plan, so that important planning decisions you have made cannot be undone through use of Power of Attorney. He made sure we understood every detail of our documents without hesitation. We will see your case through to its conclusion and work hard to produce a positive outcome for you and your family. It changes things just enough to protect your assets from nursing home costs, from issues with your children, and from the risks involved when a surviving spouse remarries. Ryan handled everything from comprehensive Power of Attorneys to trusts and wills. In 1991, Lucille Hedlund and her husband (now deceased) transferred all their real estate and financial assets (with the exception of one checking account) to their three children. Hedlund argued that she did not own the assets that were transferred to the trust, her children did. Saved my parents a ton of money. Here is our explanation: A trust is like a limousine. Ryan prepared my family’s estate planning. Those assets remain ring-fenced beyond the reach of creditors. The Power of Attorney form you buy at a stationery store is just the basic, standard form. Image Credit: luna4/iStock/Getty Images For millions of elder Americans, a temporary or permanent stay in a nursing home is a real possibility. Call for free telephone consultation about how to protect assets from nursing home expenses. Think about it… If you’re alive and disabled, the “boxes” are picked up by your Power of Attorney. For example, to be eligible in Wisconsin, the asset limit for individuals is $2,000, and for married couples it is $128,420. …and more. How Do I Protect My Home And Assets From Care Costs? When we had a question, we were actually able to speak with him over the phone, or in person, which we really appreciated. Related: Does A Living Trust Protect Assets From Nursing Home? Written by: Jason Category: Care Home Fee Planning, Will Writing Published: 28th March 2013 . Properly executed, you may protect your assets from nursing home expenses if — and it’s a big if — those assets were transferred to an irrevocable trust at least five years before you go into a nursing home. > Instructions on privacy At an average cost of over $10,000.00 a month for care in a Pennsylvania nursing home the assets that you have accumulated during your life can be quickly depleted. One home is exempt (equity limit $858,000) if planning to return, a spouse, a child under 21, or a disabled person resides in it. > Asset protection for your children from creditors or divorce $2,000 or less in cash/non-exempt assets if single. Learn more about estate planning options available from the Elder Law Center of Wisconsin. He also outlined what we needed to do to help ourselves going forward. It is unlikely that you would be able or desire to reduce your wealth to such a degree as to qualify for Medicaid. No. There may also be significant negative income, capital gain and gift tax consequences in gifting assets. For example, to be eligible in Wisconsin, the asset limit for individuals is $2,000, and for married couples it is $128,420. Reading § 49.454(1)(a) as a whole and in the context of the entire medical assistance statute, we conclude that trusts are covered under § 49.454 if the assets of the individual are transferred to another person who, at the direction or request of the individual, uses those assets to form all or part of the corpus of a trust.”. Giving away assets may constitute a “divestment” and result in an “ineligibility period”. And your property is safe from being subject to a Medicaid lien. I have referred Attorney Zenk to my friends and family. Protecting assets from nursing home costs is the latest challenge for seniors where government is demanding an uncapped spend down of their asset if one of them falls victim to a nursing home. Protect Assets from Nursing Home Expenses. Creating an Effective Asset Protection Plan. To protect a senior in a nursing home, have them set up a power of attorney with a trusted representative. This is because the assets in a revocable trust are still under the control of the owner. We were provided options and explanations to fit our needs and assist with our own decision process. The Irrevocable Trust allows you to protect your assets from Medicaid. Given the high cost of long-term care, this is a valid concern and there are situations when an irrevocable trust for asset protection … Call 715.843.6700 to speak with a Wausau attorney with the experience to protect assets from nursing home care costs. So, for instance, while the state may require your will to go through probate, you can choose to spare your heirs this drawn-out and expensive legal process. New Solutions for New Problems Estate planning has changed significantly to […] No. This specific trust is very … Asset protection can mean different things. Since the assets are no longer in their name in an irrevocable trust, there is nothing for Medicaid to go after. The process of establishing your rules is called estate planning. However, there is a 60-month lookback, which means any assets you transfer in that period are still considered yours. Contact us today to find out more. Every question was explain in detail. Email info@MBakerLaw.com. Naming you as the life tenant and a … He made our transaction comfortable, easy and thorough. A Wisconsin appeals court recently ruled that the assets in an irrevocable trust established by three children with funds gifted to them by their parents are available to pay for the mother’s nursing home care. Detailed in the glove box of the way as well estate-another attorney had told us there nothing...: does a Living trust will be using ryan for all of family... Mom ’ s need for care be considered part of your overall Medicaid strategy, and medical tests home two! We can discuss the protecting assets from nursing home wisconsin in his field family wills, health care needs Living... 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