Ramsey MN Nursing Home Planning
Plan Ahead for Nursing Home Care
The average cost of nursing home care has crawled to around $6,000.00 per month. Many people are worried that paying for this kind of care for an extended period of time will essentially drain their estate. Now, this cost can be covered by insurance, but the insurance is also quite expensive as well.
There are a number of plans that can be put into action in order to preserve estates in Ramsey against these expenses. Typically these methods encompass transferring assets to different ownership, either into a trust created for that purpose, or to other individuals. Also, state laws demand that an asset transfer must happen at least five years before someone enters into nursing home care. And while this kind of planning may sound pretty involved, it’s a good type of insurance policy and makes sense, as five years of nursing home care can cost upwards of $360,000.00.
There is also the chance to sustain assets even if no planning has been done prior to a person’s entry into a nursing home. Rather than oblige with the outright depletion of a person’s assets, if a transfer is made at the time a person enters long term care, the person will be eligible in five years’ time for medical assistance. But, during the first five years of care, the nursing home expenses for the individual must be paid for from another source.
Serving Ramsey, MN for all Nursing Home Planning services.
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