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Planning For Long Term Care Without Losing Your Assets

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Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C.

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Written/Reviewed By:

Barry S. Kantrowitz, Esq.

Last Updated: Aug 6, 2025

Read Time: 4 mins

Many families are increasingly focused on long term care planning, particularly when aging parents or loved ones may need in-home support, assisted living, or nursing home care. While quality care is a top priority, the financial impact of extended care can be significant. Without advance preparation, savings, property, and other assets can be quickly depleted. Families often face tough decisions that affect both the individual receiving care and the broader financial picture for children and future heirs. Attorneys like those at Yee Law Group Inc. can attest to the importance of early planning to avoid these outcomes.

Long Term Care And Financial Risk

Long term care can take many forms—ranging from part-time in-home assistance to full-time residence in a skilled nursing facility. The costs vary based on location, level of care, and duration, but even modest care needs can become expensive over time. Medicare offers limited coverage, and many people are surprised to learn that long term care is not fully covered. Medicaid may be available, but qualifying requires a strict income and asset review that often disqualifies individuals who have not planned ahead.

Without planning, many families are forced to spend down assets in order to qualify for benefits, which can disrupt retirement plans or eliminate a legacy meant for loved ones. Fortunately, there are strategies that help protect assets while still preparing for the possibility of long term care.

Legal Tools To Preserve Assets

Asset protection often starts by examining how property, savings, and income are currently structured or owned. Simple steps like updating beneficiary designations or titling property correctly can make a difference. Trusts—particularly irrevocable trusts—can also play a role in setting aside certain assets outside of the direct ownership of the person applying for Medicaid.

For example, an irrevocable trust can be used to transfer ownership of a home or other property in a way that allows the individual to retain use of the asset while removing it from their countable estate. This type of planning must be done early, as Medicaid includes a five-year lookback period for most asset transfers. Delaying these steps can limit available options.

Working with an elder law lawyer helps families evaluate these tools in the context of their goals and state-specific rules. A professional in this field understands the interplay between state Medicaid regulations, trust structures, and how to time each step to avoid unintended consequences.

Other Factors In Long Term Care Planning

Asset protection is only one part of a broader care plan. Legal documents such as powers of attorney and advance directives provide clear instructions for future medical decisions and financial management. Having these documents in place gives loved ones authority to act if someone becomes incapacitated and helps avoid costly court involvement.

Family discussions also matter. When long term care becomes a possibility, families benefit from open conversations about preferences, available resources, and how decisions will be made. It can be uncomfortable, but clear planning helps avoid confusion and disagreement later.

Additionally, insurance products—such as long term care insurance or hybrid life insurance policies—can provide another layer of financial support. While not the right fit for everyone, these policies can supplement personal savings or help delay reliance on public benefits.

Balancing Care Needs With Future Goals

Preparing for long term care while protecting wealth requires careful prioritization. Families want to provide high-quality care for aging loved ones without sacrificing hard-earned savings. Thoughtful legal strategies can help maintain this balance. When done early, planning can protect assets while still giving families the flexibility they need in the years ahead.

Attorneys like those at Yee Law Group Inc. discuss these issues with clients every day, helping them take steps now to prepare for the care needs of tomorrow.

Why Trust Us?

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   LWelsh 
 1 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Clever and efficient.
  
 
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   Kenny Perlow 
 22 days ago
 
 
 Trustindex verifies that the original source of the review is Google. KGG Law, and Barry Kantrowitz in particular, set the bar high for what a thorough, practical, strategic, compassionate and smart lawyer can be. Everything about Barry's advice and representation was exemplary and the stress mitigation that resulted was invaluable. On top of that, the ultimate result Barry achieved was beyond what was reasonable to expect and we are forever grateful. Often, people say that you hire a lawyer to prevent a problem. Sometimes, unfortunately, you need an attorney to solve a problem and I could not recommend Barry and his firm any more highly in that regard.
  
 
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   Aliza Ali 
 86 days ago
 
 
 Trustindex verifies that the original source of the review is Google. My dad had a great experience with this law firm. From the very beginning, the team was professional, knowledgeable, and always willing to answer our questions. They kept us informed throughout the entire process and made what could have been a very stressful situation much easier to handle. We truly appreciated their dedication, honesty, and hard work. Thanks to their support, my dad felt confident every step of the way. We are very grateful for everything they did and would highly recommend this firm to anyone looking for reliable legal representation.
  
 
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   Jana Montero 
 89 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I had a wonderful experience working with Sam Smith. He was very responsive, thorough, and easy to work with from start to finish. He walked me through everything clearly and made what started as a very stressful situation for me into something completely manageable. I would not hesitate to recommend him and the firm!
  
 
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   Mike Sakmann 
 95 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I sought legal advice regarding an employment matter and had an excellent experience working with Sam Smith, Esq. at KGG Law. Sam was thorough, attentive, and took the time to listen carefully to my concerns before providing clear, thoughtful guidance. I appreciated the professionalism and care shown throughout the process, and I would confidently recommend KGG Law to anyone in need of legal assistance.
  
 
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   Liz Hecker 
 101 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I can't say enough about this firm. They manage to comfort you during the whole legal process while staying professional and doing what is right. I would recommend them to anyone and also hire them again if I need legal help.
  
 
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   Brandy Miller 
 124 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate is the best. She helped me very quickly, and was very attentive with all of my needs. So thankful for her
  
 
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   Mike Greenspan 
 137 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate Carballo is a dedicated, passionate, and creative attorney whom I had the pleasure to lecture with at a state trial lawyer's conference. Kate's lecture demonstrated how she uses her innovative and "out-of-the-box thinking" to achieve outstanding results for her injured clients. That Kate is certified by the Supreme Court of New Jersey as a civil trial attorney is a testament to her skills, experience and commitment to excellence.
  
 
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   Jonathan Sampson 
 144 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Was referred to KGG law by a friend and could not have asked for better legal representation. They walked me through every step of the process after my accident and began every call with “ how are you feeling” which was just one example of how much they care about their clients. They handled my case very efficiently, professionally and courteously. My attorney Kate Carballo was a rock star! So clearly experienced, she consistently made me feel at ease with the process. Highly recommend
  
 
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   Vinnie Kung 
 147 days ago
 
 
 Trustindex verifies that the original source of the review is Google. We had a great experience with the team at KGG Law. While it was a traumatic time for our family, they made it very easy for us and explained all of our options. They even performed due diligence to make sure that after our settlement, there would be no further issues which I think is even more important than the settlement itself. Thank you!

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Planning For Long Term Care Without Losing Your Assets

Long Term Care And Financial Risk

Legal Tools To Preserve Assets

Other Factors In Long Term Care Planning

Balancing Care Needs With Future Goals

Why Trust Us?

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