Assisted Living massachusetts
Married couple… spouse going to assisted Living or Nursing Home..the cost?
So if the husband makes $4,000/month and his soon -to -be institutionalized wife makes $1,000/ month (disability check).. and the couple has a home, ~ $ 350 K in a retirement fund.. and $150K in CD’s ( designated for kids college funds) .. what is the scenario ? What should be done to maximize asset protection? State is Massachusetts.
You need to speak with an elder law attorney, even if she is not an elder. You will have to pay the cost of the home from your assets. If you are asking what to do to get the state to pay you will first have to spend down the retirement fund and the CD’s, neither will be protected and it doesn’t matter to the state what the funds are intended for. The state frowns upon giving away assets 5 years prior to long term care needs, which is why you need the attorney.
The home will be protected as long as you or a dependent child lives there, but a lien could be attached at your death.
Assisted Living
Man steals more than $500K from stepmother, prosecutors say
A North Carolina man allegedly took more than a half-million dollars from his stepmother who was living in a Paramus assisted living home, using her money to buy a boat and a home, authorities said.
The personal assistance provided at Assisted Living Facilities ensure that the dignity and self-respect of the occupants are upheld and that they get ample opportunities to socialize, make friends, and also keep in touch with their family. The assistance can be either routine or intensive. The personal assistants are trained to be mindful of the requirements and values of senior citizen.