Asset Protection Planning
When we discuss “asset protection planning” at Rudman Winchell, we refer to legitimate strategies and tools to help you protect your money and property from the high cost of long-term care. In Maine, the median monthly rate for a nursing home is over $10,000. It is well over that in larger cities like Bangor or Portland.
These rates increase every year. If we can work with a client at least five years before any anticipated need for expensive long-term care, we can offer “proactive planning.” This may include long-term care insurance and asset protection trusts.
It’s not too late to preserve assets if an individual has an immediate need for long-term care at home, an assisted living residential care facility, or a nursing home. There are legitimate “crisis planning” strategies to preserve assets for your spouse and the next generation, even after an unexpected medical crisis.