Assisted living and nursing home costs can be extravagant, eating away at your savings, assets and the inheritance you intend to leave for your family if measures aren’t taken to protect them.
Because of the high expense of extended care, many elderly folks try to qualify for Medicaid, which will pay for those expenses. However, Medicaid requires full disclosure of your financial situation and can put an estate recovery claim on the value of certain assets after your death, including your home and other real estate.
If you foresee a possibility that you may need assisted living or a Dayton, OH nursing home, an attorney familiar with elder law can help you create a plan for protecting your assets from the costs associated with those needs. Some of these strategies are likely to be recommended for your situation:
Remember that Medicaid may be able to claim the value of assets you own up to five years before entering an assisted living facility or an Ohio or Dayton nursing home. An Ohio attorney familiar with elder law can help you plan far enough ahead and may have additional strategies for asset protection if you still have unprotected assets at the time you enter a long-term care facility.