One of the biggest concerns for our clients entering retirement age is protecting their life’s earnings from potential long-term medical costs. That’s where an attorney can assist you. They specialize in helping you protect your assets and create a plan to pass them on to your loved ones.
Continue reading to learn more about elder law asset protection and the options available for Pennsylvania residents.
Elder Law Asset Protection – What You Can Expect
At Auld Brothers Law Group, when you discuss your situation and concerns with us, we’ll listen and ask questions to help you find the right solution. Our goal is to provide you with all the options that can protect your assets so you can make the best decision for yourself.
During your meeting, we’ll discuss the following with you.
- Answer your questions
- Address your urgent concerns
- Identify your goals with an asset protection plan
- Determine the options available to help meet those goals
- Review those options with you, explaining how they can help you with:
- Maintaining your independence
- Staying in your home (and out of a nursing home)
- Passing your assets onto your loved ones
Commonly Asked Questions About Asset Protection
Below are a few questions regarding medical costs that our clients ask us. Please note that everyone’s situation is unique, and this is a general overview. Contact our firm to discuss your situation.
Can Medicaid take my money to pay for nursing home care costs?
No, they can’t take your money. However, if you can’t pay for a nursing home, then once you pass, there’s an Estate Recovery Program Medicaid can use to help recover the costs.
Under this program, they can make a claim for reimbursement for the amount paid during their lifetime. This claim is only subject to your probate assets. Your non-probate and spouse’s assets aren’t subject to the claim.
One exception to this rule is your home. Once you and your spouse pass away, Medicaid can make a claim for the residence.
Can a nursing home take half of my assets to cover the care costs?
No, they aren’t automatically able to take your assets to cover the costs. Although if you’re not familiar with the rules for medical assistance, there’s a risk that you could lose some of your assets. Make sure you’re working with a knowledgeable attorney to help you navigate that process.
Can a nursing home charge my medical expenses to my children?
No, in Pennsylvania, children are not liable for any medical bills their parents incur.
A skilled elder law attorney can help make sure you pay the correct amount of medical expenses, nursing home costs, and any other unexpected charges.
Other Available Resources
We understand the complex nature of elder law and asset protection, so we have several other resources available for you.
Can a Nursing Home Take Money from a Living Trust?
Can a Nursing Home Take Money from a Revocable Trust?
Does a Nursing Home Take All Your Money?
When You Might Need an Elder Law Lawyer
Moving Forward
Creating a plan to protect your assets according to Pennsylvania law will help provide you with peace of mind during your retirement years. At Auld Brothers, we’re a team of qualified elder law attorneys that can guide you through your asset protection options. We’ve been serving our community for many years, including families through multiple generations. Contact us using our online form or by calling (412) 487-8668, so we can begin helping you protect your assets.