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Case Studies on Nursing Home Asset Protection

Read our case studies below to see how Commonwealth Advisory Group has helped other people facing the same questions you are:

Case Study : Emily and Bob

Emily and Bob have been married for 47 years now. They have three children and a home full of memories.

About three years ago, Bob began to show the signs of Alzheimer’s disease and over the past couple of years his symptoms had become much, much worse.

Emily spent all of her time taking care of Bob’s every need. Then, Bob fell at home and was admitted to the hospital. In the days following, Emily realized she would never be able to take care of him at home. She started discussing nursing home care.

What would she do? Thoughts raced through her head. How would she be able to pay for nursing home care for Bob? She began to speak with social workers about Medicaid and they asked about her assets.
Emily and Bob own their home together. Between their savings, checking accounts, IRA’s and investment accounts, they managed to save $150,000.

Typically, Medicaid does not determine what belongs to either spouse, the spouses are looked at as one individual person and all is added together.

With nursing home costs running between $8,000 to $10,000 each month, their funds weren’t going to last long. Everything would be gone in no time. She called the Commonwealth Advisory Group for a consultation and together, they created a plan and were able to receive assistance for Bob while protecting their assets for Emily.

 

Case Study : Evelyn

Evelyn, who is currently in a nursing home, was always the rock of her family. Her home and her family were her top priorities. Her family adored her.

After her husband passed away a few years ago, she did some estate planning and thought that everything was covered. Then Evelyn had a stroke. No one was prepared.

The whole family was caught off guard and her estate planning was suddenly not enough.

Luckily, when Evelyn did her estate planning, she appointed her son as her durable power of attorney. This meant that someone could help her by handling legal and financial issues for her, as her Agent, since she could no longer handle these things for herself. Her son had also been named as her health care proxy, which allowed him to help his mother by helping to make medical decisions for her.

Evelyn had been living in an apartment for a long time, so she didn’t have any real estate, but she did have some assets, specifically, a checking account, savings account, a CD and an IRA. With nursing home costs running between $8,000 to $10,000 each month, her funds weren’t going to last long. Everything would be gone is less than one year. Evelyn’s only income is social security in the amount of $500 each month.

Her son called the Commonwealth Advisory Group and came in for a consultation. He immediately felt relieved. They put together a plan to protect what his Mom and Dad worked their whole life for. Evelyn was approved for Medicaid assistance, her payments to the nursing home were reduced and her assets were protected.

Case Study : John’s Pre plan

Neither John, nor any of his loved ones require nursing home care now, but John wanted to be protected in case the need ever occurred.

John remembered when his mother needed nursing home care 10 years ago. A lack of preparation devastated the family. He and his brothers watched while everything their parents worked so hard for vanished in less than two years. John didn’t want that same devastation to happen to his family. He has been married to Jane for 27 years and they had two wonderful children. He and Jane needed to make sure they could get the assistance needed if something happened to them.

John and Jane learned that with the average costs of nursing home care running between $8,000 and $10,000, everything they worked so hard for would not last long.

They weren’t sure where to turn next, but fortunately, they found a solution.

They had heard about the Commonwealth Advisory Group. John and Jane learned that they are not alone, and individuals like them face these worries every day. Happily, their call to the Commonwealth Advisory Group paid off.

John and Jane came in for a consultation and immediately felt relieved. They were able to put together a plan to ensure they were protected, essentially preserving their assets and children’s college funds and inheritance.

John and Jane made sure their children didn’t need to go through what John went through with his mother.

“It is a widely held false belief that asset liquidation is required when an elder goes into a nursing home, in order to pay for nursing home costs. There are definitely other options for seniors and their families and we are champions of those options.”

Elder Law Attorney Philip C. Amaru