Anoka MN Nursing Home Planning
Plan Ahead for Nursing Home Care
The average cost of nursing home care has climbed to approximately $6,000.00 per month. Many people are concerned that paying for this type of care for a prolonged period will completely drain their estate. And while this cost can be covered by insurance, the insurance is also quite costly.
There are a number of ways to preserve estates in Anoka against these expenses. Usually these methods 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 must take place at least five years before someone enters a nursing home. This type of planning may sound fairly involved, but it makes sense as five years of nursing home care can cost $360,000.00.
There is also an option to preserve assets even if little to no planning has been done prior to a person’s entry into a nursing home. Rather than allow the complete depletion of a person’s assets, if a transfer is made when a person enters long term care, the person is eligible for medical assistance after five years’ time. However, during that five years, the person’s nursing home expenses must be paid for from another source.
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