It's important to know the fine points of the rules. There are a variety of strategic solutions that are allowed to protect your assets. You have to know what you are looking for. The court appoints a Guardian when a person doesn't have a Power of Attorney and lacks the ability to conduct their own affairs. It's time consuming, expensive and stressful.
All financial transactions require the approval of the court in advance, adding even more expense.
The Guardian will also be required to post a bond and file annual reports of all financial transactions. It's much less expensive, emotionally and financially, to plan ahead with a properly drafted Durable Power Of Attorney. 36 Months prior to application Please consult with an experienced, knowledgeable professional before transferring assets or resources. Medicaid Approval Form Copyright 1999, Senior Asset Protection Services, All Rights Reserved.