Nursing homes don't take the assets of people who move into them. However, Home Care in South Pasadena CA can be costly and paying for the costs may require you to spend your income, take advantage of your savings and even liquidate your assets. Neither the nursing home nor the government will foreclose your home to cover expenses while you are under guardianship. Our Experience Matters Since 1918, our full-service law firm has achieved results for our customers. We can do the same for you.
The idea that the government or a nursing home seizes assets is just one of several misconceptions about paying for long-term care. If you want to make the most of the options available to plan for long-term care risk, the best thing you can do is to act now. Determining the best way to pay for the cost of long-term care can include a complex analysis of multiple options. However, the solution certainly is not to let the fear caused by misconceptions about paying for long-term care stop you from being fully informed. This figure is already quite alarming on its own, but it gets even worse when you realize that it's just the baseline.
Depending on the level of care you need and the location of the specific center, annual costs can easily reach hundreds of thousands of dollars. Medicaid is a joint federal and state welfare program that provides health care (including nursing home costs) to people with limited resources and incomes. However, this exclusion is expected to be halved on January 1, 2026, so anyone interested in incorporating an offshore trust into their overall financial strategy must act quickly before receiving a potentially multi-million dollar tax bill. If the patient is eligible for Medicaid, payment for part or all of the nursing home costs will come from government funding.
While it seems like this would protect your money from Medicaid restrictions and nursing home expenses, it's a bad idea. In general, the average American underestimates the financial impact a nursing home can have. Trying to navigate this difficult terrain without the help of an expert puts your financial health at risk. As labor-intensive businesses, nursing homes need nurses, assistants, therapists and other specialized staff 24 hours a day.
In the world of financial security, asset protection trusts stand around the world as ardent protectors of wealth. However, if the stay-at-home spouse dies first, Medicaid may require that the house be sold to pay for the spouse's expenses in the nursing home. Lawyers can help you understand your rights, negotiate with a nursing home, and respond to debt collection demands. You can report violations of the Nursing Home Reform Act to the state nursing home survey agency or file a complaint with your state's attorney general.
Knowing what happens when one spouse goes to a nursing home and the other one goes to a nursing home can help you prepare for what you need to do to ensure that your spouse gets the coverage and care he needs. For married couples, being entitled to Medicaid nursing home coverage can affect both spouses, not just the person who needs care with regard to their income and assets, including the couple's home. Many people rely on conventional methods to protect their possessions when faced with the possibility of paying for nursing care.
