In this Elder Law Minute, Wes Coulson, Illinois and Missouri Elder Law attorney, discusses how people can set money aside to be able to assure that their loved one is going to receive the best quality of care throughout the rest of their life through Asset Preservation Planning.
Asset Preservation Planning
“We aren’t interested in inheriting anything, we just want to make sure Mom is well-cared for”
Hi, I’m Wes Coulson and this is your Elder Law Minute. You know, a lot of times when I’m sitting in a first meeting with the daughter, son or children of an elder who already needs care – and we’re talking about planning – one of the first things that they tell me is, “Well, we’re not interested in receiving any sort of inheritance, we just want to make sure that Mom is well cared for.”
Sometimes I think they have the feeling that because we help people protect their life savings from long-term care costs that we must be some sort of ruthless mercenaries that are just all about the money. Truth of the matter is that that couldn’t be further from the truth. I always tell people the first goal is to make sure that somebody is well cared for, the planning is just intended to support that.
But, let me explain something on that. I think the best way for me to do this is to relate one of my favorite stories from when my kids were growing up. I used to try to get them into smart choices, “Do you want cake or do you want ice cream.” You know, trying to send the message that, you know, you’re going to choose one of those. And my older son, when he was about three, got wise to that gig and he would always just look at me with a puzzled expression and say, “Well, can’t we have both?”
And, by golly, that’s an awfully good question. And the thing is, yes you can have both. Long-term care planning to protect assets is not in anyway inconsistent with making sure that somebody gets the best care. Interestingly enough, exactly the opposite is the case. The people who have to worry about the quality of the care that they’re going to receive, or their ability to have some money set aside to pay for extra things that they need once they’re in a nursing home, are the people who haven’t done planning because when they run out of money, they run out of options. The people who’ve done planning and have set that money aside are able to assure that their loved one is going to receive the best quality of care throughout the rest of their life. Thanks.
For more information about Asset Preservation Planning, visit these articles:
- How an Asset Preservation Trust Protects Your Life Savings From Long-Term Care Costs
- Are We Old Enough to Need to Worry About Long-Term Care Costs?
- Long Term Care Costs: The Biggest Threat to Your Financial Future
“Your Trusted Advisor on the Elder Care Journey”
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 or (314) 567-9292, or Contact Us and we will get in touch as soon as possible.