Anyone currently making payments to a nursing home or researching potential costs involved in helping a loved one transition to full-time nursing home residence understands how expensive it can be. Many Georgia elders are concerned that their assets will take serious hits as they try to meet the staggering costs of their assisted living care. There are several things older people can do for asset protection when making long-term care plans.
Income-based Medicaid is one way to protect assets from nursing home costs. Like most federal programs, one must meet all the requirements to qualify for Medicaid. If asset value is keeping a person from being eligible for the program, he or she may want to transfer assets by creating a trust or giving a gift to a close family member.
For those who qualify, long-term care insurance is often a viable option to help with nursing home costs. Since certain health conditions create ineligibility, it’s often best to purchase this type of insurance at a younger age while still in good health. In fact, many people become long-term care insurance customers before they reach age 60.
Asset protection is only one aspect of long-term care planning. Sadly, many elderly Georgia residents have fallen victim to elder abuse when ill-intentioned people pretended to assist them and wound up taking financial advantage to their own benefits. An experienced elder law attorney can help prevent such problems by guiding someone through the whole long-term care process and addressing any legal issues that arise.
Source: Findlaw, “How Can You Protect Assets from Nursing Home Costs?“, Molly Zilli, April 26, 2018