Nursing Home Navigation
When a loved one is considering, or entering a nursing home, a number of concerns quickly arise. What’s the appropriate level of care? How you are going to pay for the expensive care? Many families don’t know where to start or what assets are at risk. Our team can help. We provide planning for care, protection and support so that your family can better navigate what is often a complicated and overwhelming long-term care situation.
Entering a Nursing Home Puts Your Assets at Risk
Whether you or your spouse enter a nursing home, understand that ALL assets of BOTH spouses are at risk! That means everything, including your bank accounts, investments, IRAs, vehicles, life insurance and even your home. Many families lose it all, because they are not aware of legal strategies available, put in place by attorneys that solely focus on protecting assets from long-term care costs. That’s why it’s important to work with an elder care law attorney from AlerStallings to help protect your assets.
Nursing Home Costs
Unfortunately, nursing homes are expensive. Prices range from $6,000 to $12,000 each month. Most families don’t know how they can afford $100,000+ of expenses each year. They’re afraid that they will have to sell their IRAs, home or other assets and they’re usually right. Unless you have long-term care insurance, you will be stuck paying out-of-pocket. Medicare, Medicaid and Veteran’s benefits are available to help pay for long-term costs. Unfortunately, these valuable resources are incredibly complicated, ever-changing and contain income and asset limits. Not to mention the lengthy and confusing application processes. Thankfully, our team deals with these programs every day and we’re here to help answer questions and get these available public resources turned on for our clients.
Asset Protection Trusts
Trusts can be confusing. There are different types and all sorts of opinions flying around whether you need a trust or not. The inconvenient truth is that most people giving these opinions don’t understand how asset protection trusts work. They foolishly believe that all trusts are the same. This misconception results from only working with people with a lot of money. However, one of the most effective and popular planning tools for middle and upper-class families is an asset protection trust. No one seems to talk about this type of trust, but they should. Because asset protection trusts avoid probate, eliminate capital gains tax issues and most importantly, can protect your hard-earned assets from future long-term care costs. So while your local attorney may not know about asset protection trusts, make sure you talk to an elder care law attorney at AlerStallings to see if how an asset protection trust can help your family.