Elderly Law Question
My husband, Oliver was recemtly put into a memory care home he has Alzherimer’s & although I took care of him at home for years..it got to be too much. We have a very nice 401K investment with Edward Jones (over $300,000) and I sell real estate and have establish a nice saving with 20% of my commission checks tucked away, also a few CD’s,….is they anyway to help protect some of my assests?
Terry Says
Sadly, you will have to keep paying until assets are spent down to qualify for Medicaid (in which case your home would be exempt). That’s why I’ve always recommended long term care insurance.
But you could possibly restructure assets now, so that the 5-year lookback rule will not apply. So I’m assuming you’re in Chicago and would specifically recommend you contact attorney Kerry Peck at Peck Ritchie (Kerry R. Peck, Estate Planning Lawyer Chicago, Probate Litigation Attorney | Peck Ritchey, LLC) as soon as possible. He is an expert on this topic. Use my name to get through the queue. You need to get to work on this quickly.