How to Protect Assets From Nursing Home Expenses
Use private wealth.. Rely on family.. Pay with private insurance or Medicare.
Steps
1
Use private wealth.
Use private wealth.
2
Rely on family.
Rely on family.
3
Pay with private insurance or Medicare.
Pay with private insurance or Medicare.
4
Acquire long-term care insurance.
Acquire long-term care insurance.
5
Qualify for Medicaid.
Qualify for Medicaid.
6
Hire an attorney.
Hire an attorney.
7
Make sure your community property is below the limit.
Make sure your community property is below the limit.
8
Reduce your assets by paying off debts.
Reduce your assets by paying off debts.
9
Reduce your assets by purchasing assets exempt under Medicaid.
Reduce your assets by purchasing assets exempt under Medicaid.
10
Transfer money into a Medicaid Asset Protection Trust.
Transfer money into a Medicaid Asset Protection Trust.
11
Beware of the five-year rule.
Beware of the five-year rule.
12
Transfer exempt assets to avoid penalties.
Transfer exempt assets to avoid penalties.
13
Create a life estate.
Create a life estate.
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