Blaine MN Nursing Home Planning
Plan Ahead for Nursing Home Care
The average price of nursing home care has climbed to approximately $6,000.00 per month. Many people are worried that paying for this kind of care for a prolonged period will effectively 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 Blaine against these expenses. Normally these methods involve transferring assets to different ownership, either into a trust created for that purpose, or to other individuals. Additionally, state laws require that an asset transfer take place at least five years before someone enters a nursing home. This kind of planning may sound somewhat involved, but it makes sense as five years of nursing home care can cost $360,000.00.
There is also an 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 allow the total depletion of a person’s assets, if a transfer is made when a person enters long term care, the person is then 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.
Serving Blaine, MN for all Nursing Home Planning services.
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