Planning For The Costs Of Nursing Home Care
According to the U.S. Department of Health and Human Services, more than 40 percent of individuals 65 years of age or older will need nursing home care during some point in their lives. The cost of nursing home care can range upwards of $75,000 per year. With individuals living longer than ever before, the costs of nursing home care can quickly deplete all but the largest estates.
There are some techniques you can use to help you obtain the nursing home care you need while preserving your assets for the next generation.
Ramsey County Medicaid Benefits
Our attorneys help clients create comprehensive estate plans that protect their assets, allow them to qualify for Medicaid and ensure they are cared for in their old age.
In exchange for using government-funded services, such as Medicaid, individuals are forced to forfeit many of their assets, including their real property, motor vehicles and cash, to the government. You can preserve your property through estate planning vehicles such as trusts. However, you must be proactive. Minnesota’s “look-back” rules require your property to be transferred out of your estate or protected by estate planning tools several years before you enter a nursing home.
Preserve Your Property. Plan For The Future.
Located in St. Paul, Minnesota, the attorneys at Scott + Hespen Law, PLLC have been helping clients include nursing home planning strategies in their overall estate plans to ensure their financial and health-related needs are met.
Don’t leave your future up to chance. Protect yourself and your family through a comprehensive estate plan. Contact the St. Paul nursing home planning lawyers of Scott + Hespen Law today at 651-968-1457 or fill out our online contact form to schedule a consultation.