Protecting Your Assets From Nursing Home Costs

protect assets of the elderlyIf you become too ill or frail to live at home or in an assisted living residence, you may need to move to a long-term care facility that provides 24-hour assistance, monitoring, and nursing care. But long-term care facilities, also known as nursing homes, are extremely expensive. The average cost of a long-term care facility in New York is well over $100,000 per year, and is expected to increase four times by 2030.

What Does This Mean For You?

If you are the average baby boomer with a healthy retirement nest egg of between $200,000 and $1 million, you may not be overly concerned at first. But, what if it becomes necessary for you to stay in a nursing home, with an average cost of $7,000-$8,000 per month? It won’t take very long for your entire life’s savings to wind down to nothing.

The worst part about this arrangement is not only that it will impact your quality of life, but the quality of life for your family as well. You have probably worked throughout your whole life to be able to take care of yourself and your family, and to be able to leave something for them when you pass. If you end up in a nursing home, however, you might go through all of your loved ones’ inheritance extremely quickly.

However, with early preparation and planning in advance, you can create – for your benefit and the benefit of your children – an estate plan that will enable you to protect your assets from the high cost of nursing home care. This may include purchasing long-term care insurance to provide protection against the cost of nursing home care, or creating an irrevocable trust to preserve some of your assets in anticipation of having to spend some in order qualify for Medicaid.

What if You Won’t Need Long-Term Care?

Early preparation can enable you to protect your entire life’s savings. But, why should you prepare for an uncertain eventuality? After all, you may never need to stay in a nursing home. While this may be true, the consequence of not protecting your assets from nursing home costs, and ending up in a nursing home anyway, can be so severe that you may not want to take that chance.

Think about it this way: You can either spend a little bit of time and money with a qualified estate planning attorney to help you prepare in advance and save your entire life’s savings, or lose all of it while paying for nursing home care when it is needed. Which would you rather have as your legacy?

Need Help Protecting Your Assets From Nursing Home Costs?

If protecting your assets from the high cost of nursing home care is something that is of interest to you, consult with the Law Office of Andrew M. Lamkin P.C. today. Call us at 516-605-0625 or contact us online to schedule an appointment, and we will be glad to discuss your estate options. If you already have a loved one in a nursing home and he or she is not getting the quality care that’s deserved, don’t hesitate to speak up on his or her behalf. Contact us today.

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