Saving assets for medical care?


M

me

My dad of 75 recently had a hemorrhagic stroke which will most likely leave
him needing 24/7 care for the rest of his life, whatever that may be. Upon
reviewing his personal finances, I find that he has $53,000 in credit card
debt and $62,000 in cash plus a home worth $150,000 free and clear. Some of
the accounts have already been turned over to law firms for collection. My
main concern is to try and salvage as much cash as I can to ensure he will
have the means to take care of his medical needs without having to go on
Medicaid. I plan to begin talking with a lawyer within the next week
regarding the best course of action, but before I do, could someone here
share any insight on what I should expect and the best course of action
given the information at hand? I'm thinking perhaps chapter 13, but I am not
sure of how the new bankruptcy laws apply in this case. Another thought was
setting up a trust of some sort, but again, I'm not sure if this is possible
given collections are already in progress. I have POA, so short of illegally
hiding the money, what legal options are available?

Thanks in advance to anyone who may be able to advise what avenue to proceed
with so I may be able to better prepare myself for any forthcoming meetings
with a local attorney. I'm thinking a lawyer versed in elderly law and
estate planning, as well as bankruptcy, if this is possible. For reference,
the state is Georgia. Any input would be most appreciated.

Regards,

Me
 
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Y

yogibeirra

Please feel free to give me a call to here my suggestion and possible
options for your situation. I deal with these kind of scenarios all
the time. Call me toll free 1.800.673.1494 ext 3802 My name is Dave
Capri and I look forward to your Phone call
 

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