How can I protect my assets if I go into a nursing home?


Protecting assets when entering a nursing home is an important concern for many older adults and their families. The cost of long-term care can be significant and can quickly deplete a lifetime of savings. However, there are steps that can be taken to protect assets and ensure that they are available for the individual’s use or for their heirs.

One option is to engage in Medicaid planning. Medicaid is a joint federal and state program that can pay for long-term care in a nursing home for individuals who meet certain financial and medical criteria. However, in order to qualify for Medicaid, an individual’s assets must generally be below a certain threshold. An attorney who specializes in elder law can help you understand the rules surrounding Medicaid eligibility and can help you plan to protect assets while still qualifying for Medicaid.

Another option is to create a trust. A trust can be used to protect assets from being spent down on long-term care costs. An attorney who specializes in elder law can help you understand the different types of trusts and can help you create a trust that fits your specific needs.

It’s important to note that there are certain time limits and rules that must be followed in order to protect assets when entering a nursing home and to qualify for Medicaid, so it is best to start planning in advance. An attorney who specializes in elder law can help you navigate the process and advise you on your rights and options.

A FEE-ONLY professional can help you understand changes in elder law and advise you on how to protect your legacy. The ElderLawAdviser.com’s network of FEE-ONLY financial advisers, CPAs and attorneys can help you review your will to protect your legacy and achieve your wishes. Simply Click Here to connect with a FEE-ONLY professional. Alternatively, visit 1800ADVISER.COM to browse biographies of individual advisers and choose one or more to connect with. 



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