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A Letter from Antony L. Turbeville

“A Word About How I Got Interested in This Field of Practice”

Around 1996 an unfortunate client of mine entered a nursing home. Although Long Term Care insurance had been proposed, it was never purchased because the expense was unreasonable, given the financial circumstance of the family.

Upon admission, the well meaning social worker informed the client’s spouse that “she would need to spend her approximately$169,000 down to about $76,000 before any Medicaid assistancewould be available.” In addition, she thought that “about $250.00
per month of the husband’s income would need to be paid to the nursing home. The final figures would need to be provided by Medicaid.”

Obviously my 76-year-old client was devastated. Not only was the illness of her husband traumatizing, but the financial burden was tremendous. She just couldn’t believe that over half of her life savings was going to be lost to a system that promised decades earlier it would care for her and her husband’s most basic needs in their old age. Now, when the most basic need of all springs forth, the system is unavailable.

This sweet lady came to me for guidance. Unfortunately, like most advisors, I didn’t have a clue about what options existed. I had always been taught if the client didn’t have nursing home insurance, then the financial burden was on the client. Fortunately, I have a big heart and a tendency to think outside the box and just couldn’t allow this lady to lose so much of her hard-won assets.

So, I went to work! I read everything I could get my hands on about protecting assets from the Medicaid spenddown process. I read several books, articles, internet information and even bought a course. What I found was each source had valuable information but none of them alone was comprehensive. But by combining all the information, I had a game plan for my client.

After restructuring assets, re-titling accounts that generated income and extensive preparation, I filed an application on the client's behalf with what was then the Department of Health and Rehabilitative Services (now the Department of Children and Families) Aging and Adult Services.

Bottom line, we saved every dime of the client’s assets and the $250 in monthly income. Obviously, the client was thrilled and I found a new niche for my financial planning practice. Since that time, my office, Platinum Financial Planning, Inc., has handled 250+ nursing home eligibility cases with a 100% success rate.

I have developed unique and powerful strategies, hired the highest caliber former Department of Children and Family employees, educated other professionals including attorneys, accountants, and insurance agents about Medicaid, and most importantly done the best, and I do mean the very best job for the client, every single time!

I genuinely hope that you and your family never need our firm to fully implement a Medicaid plan. However, if you do, we will always keep your family’s best interest at heart.

Thanks for considering Platinum Financial Planning, Inc.

Sincerely,
Antony L. Turbeville