The cost of nursing home care can be expensive for the elderly and their loved ones. Those who have a family member in a nursing home might be wondering about ways they can protect important assets. Fortunately, planning can help protect assets from nursing home costs.
To discuss options or potential strategies to protect a loved one’s assets from a nursing home in Warrendale, schedule an appointment. Our dedicated elder law attorneys are well versed in estate planning and can advise clients of the legal and tax implications of their decisions. There is no reason a loved one should be struggling to cover the cost of their care or have to worry that their valuable assets will be impacted.
Placing a loved one in a nursing home or similar facility is never an easy decision. In addition to the stress of having to make such an important choice, families also must consider how going into a nursing home will impact their loved one’s assets. Some important strategies to consider for protecting assets from a nursing home include:
The earlier you start planning, the more options you may have. Ideally, be sure to discuss these options with an experienced elder law attorney to determine what works best based on your situation.
Families can obtain an insurance policy specifically designed to help cover the costs of long-term care, including nursing homes. Although premiums can be expensive, it can be a good option for some people, especially if you purchase it when you are healthy.
Medicaid is a government program that can help pay for nursing home care for low-income individuals. There are rules about how much you can own in assets to qualify for Medicaid. An elder law attorney can help you with strategies for qualifying for Medicaid while protecting some of your assets.
This document transfers ownership of assets to a trust for your benefit but with someone else (the trustee) managing them. There are different types of irrevocable trusts, and some can help you qualify for Medicaid.
This transfers ownership of a house while retaining the right to live in it for your lifetime. There are specific requirements for this strategy, but it can be an effective way to protect your loved one’s home.
Giving an asset as a gift may protect it from adverse implications.
A Warrendale attorney could help you learn more about your options when it comes to protecting your assets and nursing care.
Planning ahead can protect assets from a nursing home. Whether you are placing a loved one on short notice or planning, it is a great way to ensure your valuable assets like your home, car, and property are not impacted. Some other considerations:
Families may also consider in-home care or assisted living facilities, which might be less expensive than a nursing home. Remember, planning for potential long-term care needs can give you peace of mind and help protect your assets for yourself and your loved ones, so connect with a lawyer in Warrendale to help you plan these matters.
While no one likes to think about getting older, the time comes when you might need to make arrangements for your future. A elder law attorney could help you and your family navigate the unique challenges that seniors experience as they get older, including strategies to protect assets from a nursing home in Warrendale. We help with drafting legal documents such as wills and trusts, determining their eligibility for benefits like Medicaid, and estate planning and administration.
When you want to learn more about how you can protect yourself as you approach retirement or are looking to guarantee your elderly parent’s security as they age, contact us today to schedule a consultation. We could review your specific circumstances and goals and advise a plan accordingly.
