Safeguarding Your Assets From Future Nursing Home Expenses.

Whether you're rich, poor, or somewhere in between, you cannot afford to ignore the potentially devastating costs of law suits, creditor claims and long-term nursing home care. In fact, nursing homes are the most likely and one of the most expensive creditors that the majority of Americans will face in their lifetimes.

Consider The Following Statistics:

 • About 70% of Americans who live to age 65 will need long-term care at some time in their lives, over 40 percent in a nursing home.

 • As of 2008, the national average cost of a private room in a nursing home was $212 per day or $77,380 per year, and the national average cost of a semi-private room was $191 per day or $69,715 per year.

 • On average, someone age 65 today will need nursing home care for approximately three years. 20% of individuals will need nursing home care for more than five years.

 • 50% of all couples and 70% of single persons become impoverished within one year after entering a nursing home.

Contrast the above long-term care statistics with statistics for automobile accident claims and homeowner's insurance claims and it is clear that long-term care expenses is a major priority:

 • Between 2005 and 2007, an average of only 7.2% of people per year filed an automobile insurance claim.

 • Between 2002 and 2006, an average of only 6.15% of people per year filed a claim on their homeowner's insurance.

Can I Protect My Personal Assets from Nursing Home Care and Other Creditors?

Yes. However, if you have a current Last Will or Revocable Living Trust, it does not protect your assets from the expenses of long-term care while you’re alive. 

In response to this problem, a special type of Medicaid Asset Protection Trust, which functions similarly to a revocable living trust, will provide key protection for your estate assets from the catastrophic expenses often incurred in connection with nursing home care. 

Can't I Just Transfer Assets Out of My Estate to My Children or Friends?

NO. Under Medicaid laws, ANY gift or transfer within 5 years of applying for Medicaid could disqualify you or your spouse from receiving Medicaid benefits.

I Cannot Qualify For Long-Term Care Insurance. How Do I Pay For Nursing Home Expenses?

Unfortunately, it is getting harder and harder to qualify for Long-Term Care Insurance. In addition, even if you qualify, the insurance carrier may not cover or pay for all of your care.

Fortunately, you can preserve your personal assets now with a properly designed Medicaid Asset Protection Trust and not have to worry about your inability to obtain Long-Term Care Insurance. 

Medicaid laws are complex and need special legal representation to maximize your benefits. Please contact the firm today for a Medicaid consultation.