Asset Protection Planning

Asset preservation planning is the process of establishing a financial and legal plan to protect assets of an individual or family that they have obtained throughout their live(s).

The best way to protect an individual or spouse’s assets from the exorbitant cost of care from a nursing home is to help the individual or spouse (and their family when available) devise a care plan that keeps them at home or in the community at significantly less cost. Furthermore, current assets can be restructured in an appropriate way in order to obtain benefits at home or nursing home care through various Medicaid (MassHealth) programs.

The ultimate goal when applying for Medicaid (MassHealth) benefits is not only to obtain the necessary benefits for your loved one, but to ensure that through the process of achieving those benefits, the senior’s hard-earned assets will also remain protected. If proper asset preservation planning has not been executed, the cost of private paying for a long term care stay at a nursing home or community based at-home care can quickly diminish a lifetime of savings for an individual, as the facility or service will be paid out of available family assets. Government regulations constantly change making it increasingly more complicated to access Medicaid benefit programs.

The team of Medicaid experts at Senior Resource Center Inc. that offer case management, legal overview¹, and financial guidance² take all of these factors into mind while considering the current state and federal guidelines regarding transfers of assets that allow seniors to optimize their care dollars, while legally, morally and ethically protecting their assets.