When you get older, it becomes increasingly important to protect assets from nursing home care. Taking steps to secure your wealth is essential because you need to ensure that your money and property is not lost if you require care in a nursing home setting.
As the Wall Street Journal explains, more than 70 percent of people who’ve lived to age 65 are going to end up needing to move into a nursing home at some point in time, so it becomes essential to ensure that you have planned for how the costs of this expensive care will be covered.
Nirenstein, Horowitz & Associates will help you to ensure that you have put solid plans in place to protect assets from nursing home care so your hard-earned money and property is not lost if you become one of the millions of seniors who can no longer live by yourself due to illness or age-related infirmity. You should give us a call to find out about the assistance our firm can provide to you.
How to Protect Assets from Nursing Home Care
You need to make certain you have a plan to protect assets from nursing home care because you are vulnerable to losing your wealth if you must move to a nursing home.
The problem is, Medicare doesn’t pay for a nursing home unless you need skilled nursing care, which most people don’t. Most people require custodial care, which is routine help with activities of daily living and which can be provided by someone without advanced medical training. Custodial care is not ever paid for by Medicare or by most private insurance providers, and it can be very expensive so you could end up having to spend all of your money and even sell property in order to afford your care.
One of the best ways to protect assets from nursing home care and avoid this undesirable outcome is to work with a Medicaid planning attorney to ensure you are able to qualify for Medicaid as soon as you need nursing home care. Medicaid pay for custodial care for qualifying individuals who are eligible for Medicaid and who require this type of care. But, the problem is, you could end up not being able to get Medicaid if you have too many assets. This would put you into a position where you spend your wealth, and once you have impoverished yourself then Medicaid picks up the tab for care.
By making an asset protection trust with help from Nirenstein, Horowitz & Associates, you can ensure that the assets you put into your trust do not count as resources for purposes of determining if you are able to qualify for Medicaid coverage. This allows you to gain access to Medicaid without having to impoverish yourself first and ensures the assets held within the trust are safe and are able to serve as your legacy.
Getting Help from a Medicaid Planning Attorney
Don’t wait to put your plans in place to cover the costs of nursing home care. You owe it to yourself and your loved ones to ensure that your hard-earned money and property can pass to the people you love after you are gone – rather than being lost due to high nursing home bills.
To find out more about how our firm can help you with all of your nursing home planning issues, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to work with a dedicated member of our legal team to ensure you are ready to pay for care in a nursing home if you need it. Call today because the longer you wait, the harder it will become to put a plan in place to ensure that all of your assets are safe and secure.
- Estate Planning: Do You Need More Than a Will? - May 24, 2022
- What Are the Responsibilities of the Probate Court? - May 10, 2022
- Is Charitable Giving Part of Your Estate Plan? - April 26, 2022