Andover MN Nursing Home Planning
Plan Ahead for Nursing Home Care
The average cost of nursing home care has risen to approximately $6,000.00 per month. Many people are worried that paying for this care for a prolonged period will completely drain their estate. And while this cost can be covered by insurance, the cost of the insurance is also high.
There are several ways to preserve estates in Andover against these expenses. Usually these involve transferring assets into different ownership, either into a trust created for that purpose, or to other individuals. In addition, state laws require that the asset transfer take place at least five years before a person enters a nursing home. This type of planning may sound fairly involved, but it can make sense as five years of nursing home care can cost $360,000.00.
There is also the opportunity to preserve assets even if little to no planning has been done prior to a person’s entry into a nursing home. Rather than allowing the total depletion of a person’s assets, if a transfer is made when a person goes into long term care, the person is eligible for medical assistance after five years’ time. But during that five years, the person’s nursing home expenses must be paid from another source.
Serving Andover, MN for all Nursing Home Planning services.
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