I am looking for a place to get information on how to protect the assets of someone going into a nursing home. Wife is still alive. Need information for Arizona. I have no idea of where to start looking.
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Ltc
Long term care insurance. Elder law attorney. Social Security Administration. Gifts. Life estate. What are you trying to protect them against? Children? Taxes? SS? That would determine how to go about it. Start about five years before you feel the need. -
Asset Protection
Definitely need an attorney involved for this particular issue...
In most states, there is a look-back period of three to five years for gifting any assets, whether they are transferred to children or to a trust. Unfortunately, this means that in many cases, if the person is already ill, and needs nursing home care now or in the near future, it may be too late to do any real planning.
However...
In Arizona, it may be possible to preserve some assets for a spouse.
See the following website. The site is published by an attorney in private practice who specializes in Arizona elder law. It is not a site that is operated by a government agency or a nonprofit agency. With that being said, it appears to have some pretty good general information.
BMKBurton M. Koss
koss@usakoss.net
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