What Everyone Should Know About Nursing Home Asset Protection

People who are in nursing homes should definitely look into asset protection

. More often than not, it is the children who look into this matter for their elderly parents. Regardless of whether or not it is the parent or child, someone should definitely look into the details of nursing home asset protection. The reason for this is that many people are under the false impression that a revocable living trust will protect any patient's assets. The fact of the matter is that this is not necessarily the case. Too many people are unaware of the ins and outs of such details which is why they absolutely should make certain they have proper asset protection.

Nursing homes are expensive. They can end up taking everything from someone who is in need of long-term care. Many people are shocked to learn that the average cost for placing someone in a nursing home over the course of a year is $70,000. Not only that, the average length that someone ends up staying in a nursing home is somewhere around two and a half years long. That is about $170,000. Thanks to the very high costs of such a program, many end up losing all of their assets to pay for the costs of the program.

Something else everyone should know is that Medicare will not pay for the expense of a nursing home. This is a frequent misconception. They will cover some costs; however, very few are covered. There are also certain requirements one must meet in order to be eligible for this state and federal program. It is usually based upon income and assets.

The tricky thing about nursing homes is that they like to take all of the assets of the individual who is going to be staying there. It is against the law to give assets away before entering a nursing home. One can sell their assets; however, they absolutely cannot give them away. Those with spouses entering into nursing homes are in an incredibly difficult situation in that they are responsible for the costs of such a thing; however, they also need their assets in order to survive on their own. Those who want to qualify for Medicaid benefits must be 664 years of age or older and must earn less than $1850 per month. The fact of the matter is that there are so many specifics regarding nursing home asset protection that everyone would be smart to talk to an attorney about such things.

by:Art Gib

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