Protecting assets from the rising costs of long term care is a consideration of many seniors and aging baby boomers. There are a variety of methods and products available in the marketplace that provide some form of protecting assets from the rising costs of long term care. The following are some of the options available:

  • Long term care insurance. If you are eligible for long term care insurance, there are a variety of products available with different options available. These policies step in to provide benefits so that other assets are not liquidated and utilized to cover the costs of long term care.
  • Veterans Aid and Attendance. If you are a veteran or the surviving spouse of a veteran who served during eligible wartime periods, you may be eligible for Aid and Attendance benefits if you require the aid of another person in order to perform personal functions required in everyday living or are bedridden.
  • Irrevocable Trusts. If you are in a position to give up control of some of your assets, an irrevocable trust may be an option that provides protection of your assets from the rising costs of long term care. There are specific requirements that must be incorporated into the trust for it to be effective and there are considerations around the timing of setting up the trust and funding it that must be considered.

If you or someone you know is concerned about protecting assets from the rising costs of long term care, talk to the experts at Grissom Law, LLC at 678-781-9230, to learn about the options that exist and which one(s) are right for your situation.

Disclaimer This Blog/Web Site is made available for educational purposes only. In addition, it is available to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.