Protecting Assets From Nursing Home Costs

This is an aspect of aging that we all fear facing. The reality is that we may need long-term nursing home care before we die. Protecting your assets so that you can pass them along is of utmost importance to every family.

Let us define long-term care. This would be the kind of care required if you have a prolonged illness, are disabled, or have severe cognitive impairment; for instance Alzheimer’s disease, Parkinson’s, stroke, or advanced dementia; that prevents you from independent living. Long term care is when you need help carrying out basic self-care duties. Using the correct trust to protect your assets from nursing home costs can be an effective solution to make sure you can get the care you need without ruining your assets.

Many seniors will receive this type of help during advanced aging, either at home or in a nursing home. It lasts an average of three years, maybe less but possibly more. Given the high costs of nursing homes, protecting assets from nursing home costs is something you should act on right away if your loved one may be going to, or is already in, a nursing home. The earlier you contact Alice Salvo, an elder law attorney, the better it can be for the family. With an advanced trusts lawyer, more options are possible and the family can implement a plan to save a tremendous amount regarding nursing-home-related medical expenses. Nursing home costs are around $8,000 per month. If you don’t properly plan, Medi-Cal can put a lien on the home to satisfy payment. This can cause loss of equity or even a forced home sale, devastating your family. With proper planning and the right attorney this can be avoided!

Planning Ahead Can Protect Your Family’s Assets

Protecting your assets from nursing home costs is a serious matter, so if there is even a possibility of a family member going to a nursing home in the future, please call our office for a free consultation to learn what you can do, both right now and in the future. Do not jeopardize the family home; we want you to keep the family home!

Protecting your family’s assets from nursing homes is not an instant process. It takes time, so call attorney Alice Salvo sooner rather than later to discuss preparation or review your estate plan. It is advisable to speak with our office while you are healthy and of sound mind in order to minimize any losses and obtain the best benefits. Once your health starts deteriorating, you’ll have fewer options and losses can be greater so act immediately!

Experienced Attorneys Can Help Reduce Costs

Alice Salvo, an elder law attorney, can help you reduce nursing home costs and burdens by helping you set up a trust to protect assets like your home. She uses techniques to guide families and help you protect yourself from the financial cost of long term care when that need arises. We would like to stress, don’t wait for a crisis. Plan ahead rather than trying to handle this complex task when you’re in the middle of a crisis.

Just what techniques do Los Angeles elder law attorneys use to help families protect themselves?

One solution uses the government Medi-Cal program to help protect the financial security of a person who is married to a nursing home resident. A method can be adapted for unmarried individuals and for those persons, married and unmarried, who are receiving at-home care.

This solution must be coordinated and implemented with an attorney. We’ll evaluate your options with you and help you decide which one is right for you. We’ll do the hard work of implementing the proper steps to protect your home, so that your free time can be spent with the one you love!

Who Pays For Long-Term Care?

The cost of nursing home care in California is approximately $96,000 per year. Not many California couples can afford that for long. Planning ahead, by having a trust to protect your assets from nursing home expenses, is wise. In order to protect the financial security of the “community spouse” (the well spouse) at least some of the cost must be shifted onto a third party rather quickly. Potential third-party payers include Medicare, private insurance, and Medi-Cal.

Most seniors have Medicare-financed coverage as their primary payer of health care costs. But Medicare does not pay for long-term stays in a nursing facility. We urge you to call our firm today if you are interested in protecting your assets from long-term nursing home costs.

Learn More In A Free Consultation

Medi-Cal has tough financial qualifications that can prevent a loved one who needs long term care from qualifying for the program. You will need an experienced elder law attorney like Alice Salvo to help your family navigate the qualification maze and qualify for Medi-Cal in a reasonable time frame.

Call 818-676-9572 or use our online contact form to schedule a free initial consultation to discuss your case. We welcome AARP members.