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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.