How can I ensure my assets are protected in a long-term care facility?

In South Carolina, it is important to ensure your assets are protected when considering long-term care. Fortunately, there are steps you can take to ensure your assets are secured depending on your individual situation. One option is to meet with an Elder Law attorney. An Elder Law attorney can help you set up a trust to transfer your assets in a manner that either excludes them from consideration in the Medicaid program or preserves them for the benefit of your heirs. While there are fees associated with setting up a trust, it could be beneficial in the long-term if you need to apply for Medicaid assistance. Another option is to purchase long-term care insurance. This type of insurance helps pay for some of the costs associated with a long-term care facility, ensuring your assets are protected because you will not need to rely on Medicaid to pay for the full cost of care. Lastly, you may want to consider setting up a Power of Attorney. Doing so allows you to designate someone to act on your behalf in matters of financial decision making if you cannot do so yourself. This helps protect your assets as you can designate a trusted individual to make decisions about your finances and ensure your wishes are carried out. Overall, protecting your assets while in a long-term care facility in South Carolina is possible by seeking prior legal advice, purchasing long-term care insurance, and setting up a Power of Attorney. Each of these steps can give you peace of mind knowing that your assets are secured.

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How can I ensure my assets are protected in a long-term care facility?

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