https://www.paestateplanners.com/ Through recent articles, blogs and videos, we’ve been helping you explore whether or not you are responsible for your parents’ nursing home care, out of your own funds and assets.
As we’ve mentioned previously, there’s now a law in Pennsylvania which says that if you’re directly and closely responsible for someone, you have a personal responsibility for these costs—ad if you’re able to pay them, the state could hold you personally responsible.
What should you be doing to protect your family and your assets from these exposures? Some people decide that they want to spend all of their assets on their nursing home care and don’t want to use Medicaid. Other families proactively plan by making legitimate transfers and putting money in trusts, so that it is protected. If you want to take this approach, it’s always a good idea to seek the advice of a Pennsylvania elder law attorney. Why? Because it involves the intersection of income tax law, federal state tax law, and Medicaid law.
There are different limits for gifts based on various laws, so it’s extremely important that you work with an elder law attorney who fully understands all aspects of the decisions you’re wishing to make. There are also a number of methods that may be considered, all which have their own pros and cons.
To learn more about the strategies that are best for you and your family, contact the Pennsylvania elder law attorneys at Unruh, Turner, Burke and Frees at 610.933.8069. https://www.paestateplanners.com/practice_areas/pa-elder-law-solutions-tm-nursing-home-info-solutions-for-families.cfm