Protecting Assets From Long-Term Care
Asset Protection Services in Worcester, MA for Shrewsbury, Leominster & More
A long-term medical care requirement often means financial disaster. At least 25% of those over age 65 will enter a nursing home. 50% of married couples will be affected. For over 80% of them, their life savings will be wiped out. It doesn’t have to be that way. Without proper planning, however, government assistance becomes available only after nearly all savings have been exhausted.
The financial consequences of a nursing home care requirement can be devastating, particularly when there is a spouse still at home. Since government assistance is not available until assets of both spouses are diminished to poverty level, the lifestyle of a spouse who is still at home is often shattered. Because the thought of requiring long-term medical care is upsetting, there’s a significant tendency to simply not address the issue. This can have serious adverse consequences.