Protecting Your Assets From the Expenses of Long-Term Care

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 long-term care expenses.In fact, nursing homes are the most likely and 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.
  • The national average cost of a private room in a nursing home is a little over $90,000 per year.
  • On average, someone aged 65 today will need nursing home care for approximately three years.
  • 50% of all couples and 70% of single persons become impoverished within one year after entering a nursing home.

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 will 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.

Can the Law Firm of J.S. Burton Assist Me in Obtaining Long-Term Care Insurance?

Yes. Although the law firm does not sell insurance products, the firm can coordinate the purchase of Long-Term Care Insurance through its affiliate relationships.

If I Cannot Qualify For Long-Term Care Insurance Then 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 free consultation. 

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