If we have not done any planning and my loved one is in the nursing home now, is it too late to save assets because of the 5-year look-back?

Updated March 13, 2023.

Not necessarily, we can typically undertake lawful asset protection planning to save approximately one half to potentially all assets for a single person depending on whether or not there were sizable gifts made during the past 5 years or other exemptions that may be available. Even if gifts were made during the five-year period, there may still be planning available to protect those gifts and in many cases, protect additional gifts. We may be able to save substantially everything if the nursing home bound individual has a spouse living in the community.

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