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Dedham, MA, United States, 2007/01/23 - Fifteen years ago Attorney Phillip C. Amaru, co-founder of the Commonwealth Advisory Group based in Dedham, Mass., initially navigated the maze of red tape to save his first client her life savings.
Since then the company has helped approximately 1,500 clients preserve assets prior to admission to a nursing home. The firm is now celebrating their 15th anniversary.
“Many families have come to us in a state of shock that their entire nest egg and legacy could be forfeited to a nursing home,” noted Amaru, a Westwood resident and Milton native. “The best memories of these first fifteen years have been that smiles and tears of joy that we have seen as established safe havens for their assets.”
According to Amaru, “It is a widely held false belief that asset liquidation is required when an elder goes into a nursing home, in order to pay for nursing home costs. There are definitely other options for seniors and their families and we are champions of those options.”
Laureen Vaughn, co-founder and partner at Commonwealth Advisory Group and Milton native and resident, added, “The Federal government and the Commonwealth of Massachusetts have established regulations affording people the right and opportunity to protect their assets, even if a family member is already in a nursing home. We are experts in interpreting and implementing Medicare and Medicaid regulations and our mission is to help seniors and their families preserve what they already have.”
Statistics have shown that nearly 50 percent of seniors who are 65 years or older will require skilled nursing home care at some point in their lives. Unfortunately, the cost of that care is very expensive, oftentimes averaging up to $100,000 per year, which can quickly deplete a lifetime of savings.
With offices located at 3 Allied Drive, Suite 125, Dedam, Commonwealth Advisory Group is dedicated to asset protection and protecting clients from potential financial disaster which may include the loss of property (including home), gifted assets, retirement accounts, insurance policies, investments and savings.
Asset Preservation Planning
Commonwealth Advisory Group provides seniors and their families with comprehensive planning and guidance when a loved one needs skilled nursing home care – from the initial paperwork to all the details along the way. Unlike investment advisors, Commonwealth Advisory Group specializes in asset preservation; enabling seniors and their families to protect what they have worked a lifetime to obtain – their home, retirement savings, insurance policies, investments and more.
In addition to providing asset protection services to clients, Attorney Amaru and Executive Director Laureen Vaughn serve as educational speakers for hospitals, elder agencies and businesses throughout Southeastern Massachusetts. Commonwealth Advisory Group has appeared with Jordan Rich of WBZ News Radio 1030 in variety of seminars on the topic of Senior Asset Protection.
Attorney Amaru is a member of the National Academy of Elder Law Attorneys; the National Network of Estate Planning Attorneys; the Massachusetts Academy of Trial Attorneys; the Massachusetts Bar Association and the American Bar Association.