Nobody Told Me That I Didn’t have to Spend All of our Money for My Husband’s Nursing Home Care!!!
Please give me a moment to vent… Just this morning, I heard about a proverbial train wreck that didn’t have to happen. This woman had spent every dime of the retirement money that she and her husband had saved for his nursing home care. Thus, leaving her penniless! But that’s not all – she also borrowed all of the cash out of her life insurance policy. And had taken a home equity loan on their home, just to pay for his care.
The bad part is that no one had told her that she didn’t have to spend all of her money for her husband’s care. The sad truth is that, in this case, she could have saved most of her money and her home. As it is now, she is penniless and deep in debt! No one had told her that she didn’t have to spend all of their money for her husband’s nursing home care!”
Unfortunately, this situation is not unique – we see situations like this all the time. Spouses needlessly spend down all of their money for their spouse in a nursing home or kids spend down all of their parent’s money for their Mom or Dad in a nursing home – only to find out later that they didn’t need to do this. As a result, leaving the families with destitute and testamentary bequests. They were not honored for the reason that no one told them about the option.
Our hope with this blog is to educate readers and let them know that they do have an option. A little planning often goes a long way – even at the last minute.
Hopefully, if you are reading this, its’ not too late. If your parent or spouse is in a Nursing Home or is going there soon. Do something before it’s too late. Finally Understand the Truth About Protecting Your Assets From Nursing Home Spend down before ALL of the money is gone.
Go to the home page of this website (www.arkelderlaw.com) and download the free Barraged Boomer’s Guidebook on How to Pay for a Nursing Home Stay. It will help you to understand how a little planning may help your family. Don’t be one of the the many who say “If I’d only known….”
Information offered courtesy of Douglas R. Jones, Attorney at Law, 200 N. Jackson, Cabot, AR. 72023 (501) 843-9014.