What can I do if I have to go into a nursing home in a few years?

I get asked this a lot. The problem is that I don't know what the laws will be in a few years. The laws are always changing in this area. However, as of the laws today I can tell you these options:

 

  • For married couples, one of the easiest things to do is to put your home in a revocable trust. This may increase the amount of assets you are allowed to keep. 

  • You can set up an irrevocable trust if it is right for you (see the question on irrevocable trusts in this section). 

  • If you have classic cars, coin collections, land, etc., that you are going to leave to you children anyway, then consider giving it to them now. Just make sure to check with your tax adviser about any tax consequences. 

  • If you can afford it, you can buy long-term care insurance. The laws have changed to help make long-term care insurance a much better option than it used to be. 

  • Spend your money! Enjoy it. Travel. Take that vacation you always wanted.  Buy the brand name milk for a change. 

Please call our office to set up a consultation to see how we can help you. 

 

Please call our office for a free initial consultation* 

Battle Creek:               (269) 968-1101

4625 Beckley Rd, Bldg 400

Battle Creek, MI 49015, USA                                      

Portage:                       (269) 324-7344

1662 E. Centre Ave

Portage, MI 49002, USA

info@wallingplc.com

* Except Asset Protection & Family Law consultations