My main practice area is protecting my clients' assets from the devastating cost of long term care. Most clients do not realize that a nursing home stay costs over $100,000 per year. I give my clients advice so that they can get government checks to pay for their long term care instead of being financially drained by their spouse's cost of long term care. Many couples will be using all of their money to pay for the husband's long term care costs. The cost of long term care financially destroys many couples' retirement plans.
I became interested in asset protection planning when my mother was diagnosed with dementia and needed long term care. I was able to successfully protect her assets. This started me on the legal career to protect the assets of my clients who were in similar situations. I am able to protect my clients' assets even though they are in a nursing home or an assisted living facility. It is never too late to do good planning. I also suggest that you consult with a nationally board certified expert in elder law who focuses his or her legal practice on medicaid planning and asset protection planning.
Any advice was not written and is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties with respect to taxes that may be imposed upon the taxpayer (see IRS Circular 230).