No one looks forward to nursing home planning for a loved one or themselves. Many individuals do not want to face the realization that they need continuous care and assistance, while others do not want to commit to the price tag that comes with living in a nursing home. No matter how much hesitation occurs, a nursing home is a great option for elderly individuals that are at the point in life where full time care is needed. Nursing home planning can become very difficult because of its high cost and the fear of losing all of your assets because of the monthly fees. Consider teaming up with a lawyer to help with nursing home planning for you and your family. Living in Anoka County, MN, you are in luck because Kallemeyn & Kallemeyn, PLLC is a local Minnesota lawyer right around the corner that specializes in nursing home planning.
Research has shown that the average monthly fee for living in a nursing home facility can cost between $6000 and $7000. If not planned properly, the individual living in the nursing home facility will have their savings and estate assets depleted extremely fast. Insurance is an option regarding nursing home care, however the premiums associated are also very high.
Kallemeyn & Kallemeyn, PLLC has the experience and knowledge around Minnesota law to help you and your family achieve asset protection. Preserving the estate of the individual considering a transition into a nursing home setting is a high priority for our staff. Some ways that we can protect the estate’s assets include:
- Transferring Assets in Advance – Moving assets into different ownership, through a separate trust or to other family members is one way to protect the assets. This must be done at least five years before your family member transitions to the nursing home. Our team will manage and guide you through the process to ensure that you protect the estate while staying compliant with Minnesota law.
- Transferring Assets without Planning – There are times where an individual unexpectedly has to enter a nursing home. This prevents any type of asset planning from occurring in advance. Kallemeyn & Kallemeyn, PLLC can help you manage the estate to ensure that a transfer occurs at the proper time when a person transitions into long term care, at which point medical assistance is available after 5 years.
While the family focuses on getting their loved one into a nursing facility, let our lawyers at Kallemeyn & Kallemeyn, PLLC offer guidance around managing the assets of the individual’s estate. Our goal is to ensure that assets are preserved so that the cost of nursing home care does not eat up every penny of the estate. If you are in the Anoka County, MN area, and are in need of nursing home planning assistance, give us a call today at (763) 427-5131 to setup a meeting with one of our dedicated lawyers.