Protecting Your Assets from Expanding Nursing Home Costs Nursing home costs are rising, which could be detrimental to your financial health should you find yourself in need of nursing home care, or even that of an assisted living community. In fact, the average annual cost for a nursing home is running around $75,000 per person. Having insurance won’t be much of a help since most insurance plans do not cover the costs associated with a nursing home. With costs like this, it is not a question of whether one will run out of money, but when one will run out of money. In order to ensure that you don’t spend your twilight years flat-broke, take steps now to protect your assets. You may begin protecting your assets by making significant gifts to your children at least five years prior to entering a nursing home or assisted living community. Trying to wait until you’re just about to enter such a facility will be too late, since Medicaid has a five-year buffer that prevents seniors from gifting all of their assets to their family just prior to entering the facility, in order to foist the bill on to Uncle Sam. The drawback here is that you must be confident your children will reciprocate by establishing a trust that helps to cover any special costs arising from your care. Understandably, gifting most of your assets to your children while you are still in need of them may make one squeamish; after all, money does have a way of changing people. In that case, tell them that paying at least 50% of your medical costs qualifies them for a large tax deduction. Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR. To learn more about these free resources, please visit http://www.arkansas-estateplanning.com today.
Pages to are hidden for
"Protecting Your Assets from Expanding Nursing Home Costs"Please download to view full document