Protect Your Savings After a Nursing Home Admission

Author

Sechler Law Firm, LLC

For more information about the author, click to view their website: Sechler Law Firm LLC

Posted on

Jun 06, 2023

Book/Edition

Pennsylvania - Greater Pittsburgh Area

If you have a spouse or parent in a nursing home, you’re probably aware of the expensive costs involved.


But did you know there are strategies available to help protect your family’s savings? Even if you think you have too much money to be eligible for Medicaid, a Certified Elder Law Attorney can explore new options for you.


Here’s an example: Let’s say Fred and Wilma are a married couple and Fred has entered a nursing home. They have $200,000 in total assets, and at first glance, it seems as though roughly half of that will need to be spent on care. However, after consulting with a Certified Elder Law Attorney, Wilma learns that she can protect the $100,000 by purchasing something called a Medicaid Compliant Annuity - a landmark court case made this possible in 2015.


With the right investment device, Wilma can turn the asset into an income stream that will last the rest of her life, all while not putting that money at risk. Medicaid won’t count the healthy spouse’s income, so this money is protected. It’s important to note that this is just one example of a more complicated process.


When it comes to protecting your family’s savings, it’s best to consult with a Certified Elder Law Attorney who can find the most appropriate solution for your unique situation.


Editor’s Note: This article was written by Certified Elder Law Attorney* Tim Sechler, Esq., Sechler Law Firm, LLC.  Contact our office at 724-564-6615 or visit www.SechlerLawFirm.com.  *Certified as an Elder Law Attorney by the National Elder Law Foundation as accredited by the Pennsylvania Supreme Court.

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Local Services By This Author

Sechler Law Firm, LLC

Elder Law 20206 State Rte 19 Ste 300, Cranberry Township, Pennsylvania, 16066

At Sechler Law Firm, LLC, our mission is to help families make great plans. A great estate plan is more than just a set of documents. It is a comprehensive and well thought out written strategy on how to deal with lifes unfortunate twists and turns. Our process first provides you with the education necessary to make informed decisions with regard to your planning. Then we put the proper documents and legal framework in place to respond to lifes unfortunate changes.Our Estate Planning law office is headquartered in Cranberry, PA. From this office, we happily serve the residents of Cranberry, Mars, Wexford, Pittsburgh, Butler and the residents of surrounding communities. As one of the regions only Certified Elder Law Attorneys, Tim Sechler and his team often assist families from across Western Pennsylvania.We understand that the pursuit of health, wealth and happiness is the goal of most families. We want you to be able to pursue these goals, or whatever goals you may have, knowing that you have a back up plan if life throws you a curveball like a death, disability or nursing home need. With education as our foundation, we will work with you to make decisions to Shield What Matters Most to you.Practice AreasEstate PlanningCustomized planning doesnt have to be difficult for you. We strive to make the process easy. The first step is to identify your concerns so that we can make suggestions regarding your plan.Elder Law Crisis PlanningA significant percentage of our practice is dedicated to helping families navigate the long term care maze. We help with Asset Protection and eligibility for Medicaid and Veterans Benefits.Trust And Estate AdministrationIf you have lost a loved one, we can help you take the necessary steps to help handle their affairs.Tims estate planning practice is focused on guiding clients through the complicated maze of balancing transfer strategies, wealth preservation, and family values in the planning process.Tim is a Combat Veteran, having served in Afghanistan as a member of the West Virginia Air National Guard. Prior to leaving the military, Tim had attained the rank of Staff Sergeant. His experiences in the military have led him to thoroughly enjoy working with Veterans and their families.Tim received his law degree from Duquesne University School of Law, and his Master of Business Administration from the Duquesne University Donahue Graduate School of Business. He received his Bachelor of Science in Business Administration from West Virginia University, majoring in Finance. Tim is licensed to practice Law in Pennsylvania and West Virginia.Recently, Tim has been seen frequently as a guest on KDKAs Pittsburgh Today Live, and has been quoted in several local print publications. For the last several years, he has been honored to be chosen as a Super Lawyers Rising Star, an award given to less than 2.5% of Tims peers. Tim enjoys educating the public about Elder Law and Estate Planning. He has spoken to thousands of people regarding estate planning and has averaged more than 50 speaking events per year.Tim became a Certified Elder Law Attorney* in 2017. A CELA is more than just an attorney who specializes in the field of elder law. CELAs are committed, through certification, to maintaining and improving their proficiency with continual practice and continuing legal education. Becoming certified in elder law validates a lawyers specialty to handle issues that affect senior citizens.Tim and his wife, Robyn, are raising three beautiful children in their home in Mars, PA.*Certified as an Elder Law Attorney by the National Elder Law Foundation.