Liquidating assets for nursing home

Many times, if a person who enters a nursing home has assets, either Medicaid or the nursing home will attempt to take the assets to pay for expenses.

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If you have decided to get out of business and are not able to pass your business on, merge it with another business, or sell it as a going concern, liquidating the assets could be the most appropriate exit strategy.

However, before you terminate your lease, sell a key piece of equipment, or disconnect your utilities, make sure you have a well thought-out plan.

If you determine that liquidating your assets is your best course of action, follow these key steps.

Nursing home care can be an essential need for many elderly people, but the expenses incurred from nursing home care can be costly.

It’s essential for the elderly and those who care about them to get the best advice possible on managing their assets and planning for the full range of future contingencies. Newstad, Esq., Attorney and Counselor at Law has educated and advised seniors and their families on a variety of issues, including: The hallmark of our elder law practice has always been patient, thorough, informative counsel in a relaxed, welcoming environment.

We view our mission to be educators first and foremost.Do the math and you'll see that for round-the-clock assistance, the tab can run as high as 0,000 a year, making home care a very costly option."It's so expensive because people are basically trying to recreate the nursing facility at home," says Chris Cooper, a certified financial planner and social gerontologist in Toledo.No one likes to feel helpless, especially proud senior citizens who have worked all their lives to be self-sufficient.But there are challenges to living on a fixed income and managing the infirmities of old age.Someone with a chronic condition like heart disease, for instance, might only need help with specific tasks, like meal preparation or bathing.

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