Can you protect assets from nursing home costs?

Families have been using a trust to protect assets from a nursing home. The Asset Protection Trust, an irrevocable trust also called a house trust can protect their home and savings from being consumed by the cost of nursing home care. It is different than a revocable living trust.

Can nursing home take your money?

For instance, nursing homes and assisted living residences do not just “take all of your money”; people can save a large portion of their assets even after they enter a nursing home; and a person isn’t automatically ineligible for Medicaid for three years.

Can I Save my Mother’s House and still pay for care?

So, yes, she’ll have to pay down her cash, sell her house, and continue to pay for care. It is possible that if you lived with your mother in her home and cared with her, you might be able to save the home and still have her qualify for Medicaid. See an elder law attorney about paying for long-term care.

Will the nursing home take my house?

The nursing home will not “take the house.” Homes are exempt for Medicaid qualification purposes. There are things you can do, but whether or not to do so depends on the amount of money involved, among other things. Many nursing facilities require private pay for a period of time, before they will accept someone as a Medicaid patient.

Who pays for the first 100 days of a nursing home?

There are estate issue you want to address with a local attorney. I can tell you that Medicare generally pays the first 100 days of a nursing home depending on the facts and reason for placement. With respect to Medicare, by accepting the Medicare payment much of the balance is usually written off by the…

Can I move my mother’s money to a nursing home?

No, you cannot move her money. There is a five year look back period. If anything is transferred now, your mother would be ineligible for benefits. The nursing home will not “take the house.”