Spring Lake Park MN Nursing Home Planning
Plan Ahead for Nursing Home Care
The average cost of nursing home care has crawled up to about $6,000.00 per month. There are many people who are worried that paying for this type of care for an extended period of time will essentially drain their estate. Now, this cost can be covered through insurance, but the insurance is also quite expensive.
There are a number of plans that can be put into motion in order to protect estates in Spring Lake Park against these expenses. Typically, these methods involve transferring assets to different ownership, either into a trust created for that reason, or to other individuals. Also, state laws require that an asset transfer must take place at least five years before someone enters nursing home care. And while this kind of planning may sound pretty involved, it makes sense, as five years of nursing home care can cost upwards of $360,000.00, a kind of insurance policy.
There is also the chance to maintain assets even if little to no planning has been done prior to a person’s entry into a nursing home. Rather than allow with the complete depletion of a person’s assets, if a transfer is made at the time an individual enters long term care, the person will be eligible in five years’ time for medical assistance. However, during the initial five years of care, the nursing home expenses for the person must be paid for from another source.
Serving Spring Lake Park, MN for all Nursing Home Planning services.
Return to Estate Planning