Helping out Dad
The children of an elderly man came into the office to discuss their father's recent admission to a nursing home. They explained to us that all he had left was a home and some small investments totaling $100,000.00. After meeting with the nursing home admissions staff, the family became distraught, believing that all of their father's remaining assets had to be spent on their father's care before he could qualify for Medicaid. Even worse, the family learned that they could keep their father's home, but would not have anything more than $2,000.00 of their father's money to pay for its upkeep.
However, after working together, the family saved 60% of their father's remaining $100,000.00 through systematically divesting his funds and qualifying their father for Medicaid without sacrificing his quality of care.