Most families we work with will at some point face the challenge of caring for a loved one facing a nursing home stay. How many of us are really able to help our clients successfully preserve family assets when this happens?
In February 2006, Congress passed the Deficit Reduction Act (DRA), which included a sweeping overhaul of the laws affecting our older clients. The State of Michigan implemented portions of the DRA on July 1, 2007, October 1, 2007 and January 1, 2008. These changes have brought tremendous financial opportunity and peril to our local marketplace, all at the same time. Most of us will encounter at least a few valued clients and friends who could benefit from our counsel on these changes within the next year.
Most in our financial community are unaware that strategies are often available to allow families to obtain thousands of dollars per month of assistance in the case of a nursing home stay, and that these strategies are frequently available to persons having substantial financial and other assets.
Is gifting the right thing to do? What assets are our clients allowed to keep? Should real estate be sold? Is it really possible to maintain substantial assets for future generations and still avoid privately paying for the enormous cost of a nursing home stay?
Join elder law planning specialist ARTHUR MALISOW and me on Wednesday, February 27, 2008 at 7:30 a.m. at the Grosse Pointe Yacht Club for an overview of the amazing opportunities you can offer to families in crisis:
“PLANNING FOR ELDER CLIENTS: SURVEYING THE NEW HORIZON”