Success: Three Case Studies About Nursing Home Asset Protection

Please take a moment to read these case studies to see how the team at Commonwealth Advisory Group has helped people like you successfully find appropriate and meaningful answers to the same types of questions and concerns you currently face.

Case Study #1: Evelyn’s Stroke Changed Everything

Currently in a nursing home, Evelyn was always the rock of her family. For her, home and family were unquestionably the top priorities. Her family adored and loved her. After her husband passed away a few years ago, she enlisted some estate planning help and sincerely thought that everything was covered. She was confident she was well positioned for the future.

Then Evelyn had a stroke.The whole family was caught off guard and it soon became obvious that her estate planning was not enough to ensure a smooth transition to a nursing home.

Luckily, Evelyn had appointed her son as her durable power of attorney when she did her estate planning. This ensured that her son could serve as her agent and help manage her legal and financial issues, since she could no longer handle these things for herself. Also, she had named her son as her health care proxy, which allowed him to help make medical decisions for her. Both of these actions were proper and smart. However, they did not directly protect her assets.

While Evelyn had been living in an apartment for a long time and did not have any real estate holdings, she did have several significant assets, specifically checking and savings accounts, a CD, and an IRA. However, with nursing home costs running between $8,000 to $10,000 monthly, her funds were not going to last long on their own. It was estimated that everything would be gone is less than one year. Evelyn’s only income was about $500 monthly from Social Security.

Her son called the Commonwealth Advisory Group and came in for a no-obligation initial consultation. He immediately felt relief. Together, they constructed an plan to protect the assets his mom and dad had worked so hard to accumulate. The end result was that Evelyn was quickly approved for Medicaid assistance, which resulted in dramatically reduced nursing home payments and increased protection of her hard-earned assets.

Case Study #2: Medicaid Views Emily and Bob as One Individual

Emily and Bob have been married for 47 years. They have three children and a home full of wonderful, heart-warming memories. About three years ago, Bob began to show the signs of Alzheimer’s disease and over the past couple of years his symptoms become much worse. Emily soon found herself spending 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 Bob’s hospitalization, Emily quickkly realized she would not be able to take care of him at home any more. She started discussing nursing home care. What would she do? Thoughts and questions raced through her mind. How would she be able to pay for nursing home care for Bob?

She initiated discussions 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 about $150,000. Typically, Medicaid does not determine what belongs to either spouse individually; spouses are viewed as one individual person and everything is added together. With Bob’s nursing home costs running between $8,000 to $10,000 each month, their joint funds were not going to last long. Everything would be gone in no time. Emily knew she needed some professional advice and help.

She called the Commonwealth Advisory Group for a consultation. Together, they created a workable plan and were able to receive assistance for Bob while protecting their assets for Emily.

Case Study #3: John Proactively Prepares for the Future

Neither John nor any of his loved ones require nursing home care now. However, John wants to be protected in case the need ever occurs. John remembers when his mother needed nursing home care 10 years ago. A lack of preparation devastated the family. All he and his brothers could do was watch from the sidelines while everything their parents had worked so hard for vanished in less than two years.

John didn’t want that same devastating scenario to happen to his family. He has been married to his loving wife Jane for 27 years and they have two delightful, motivated children. He and Jane need to ensure they can receive the assistance needed if something were to happen to them.

John and Jane learned through research that with the average cost of nursing home care runs between $8,000 and $10,000 per month. Looking at their current assets, they realized that everything they had worked so hard for would not last long. They weren’t exactly sure where to turn to for help but, fortunately, they found a solution when a close friend recommended the Commonwealth Advisory Group.

At their first meeting with the Commonwealth Advisory Group, John and Jane quickly learned that they are not alone, and individuals like them face similar worries every day. Happily, their call to the Commonwealth Advisory Group paid off. The thoughful and forward-looking  couple were able to put together a plan that ensures they are protected from most nursing home financial challenges, essentially preserving their assets and their children’s college funds and inheritance.

By being proactive upfront, John and Jane were able to make sure their children will not go through what John went through with his mother.


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