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How Can I Protect My Savings From The Nursing Home | Miller Estate and Elder Law
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One of the questions I get most often as an estate-planning attorney is “How Can I Protect My Savings From The Nursing Home?” Well, there are ways to do so, but there's only three ways to pay for care. You either have to pay out of pocket, which means you're cashing in your accounts using your IRAs and in some cases having to sell your home, you have long-term care insurance which is the best way to pay but most people don't have it, or you qualify for Medicaid.
Medicaid has very strict income and asset limits, you can only have as a married couple, about $140,000 in assets. And if you're single you can only have about $2,000 in assets. So in order to protect your savings, you're going to have to put some strategies in place ahead of time in order to do that.
So one of the first things you can do is make sure that you have a power of attorney that gives your children or other trusted loved ones the authority to do asset protection planning for you, if you or your spouse has to go to a nursing home, most powers of attorney don't have that in there. So I would encourage you to see an elder law attorney to make sure that those provisions are there. You also can use what we call irrevocable trust, Medicaid asset protection trust. So you basically what you do is you transfer some of your assets into that trust, and then you give up control of those assets. Once they're in that trust for five years, then they don't count towards the Medicaid limits. So you might have, $350,000 in your irrevocable trust, and five years down the road you have to go to a nursing home, you may have to spend what's left. But that $350,000 that's in your trust is not going to have to be spent on your care, you can spend your other assets and then apply for Medicaid.
Once you get under the $2,000, Medicaid will then pay your nursing home bill. The other ways to protect them: you just have to get assets out of your name. But I do not recommend that you just give assets away to your children. The problem with that is, when you give them assets and put their names on your accounts, deed your property to them: if they get sued or divorced or file bankruptcy, then your assets can be used to satisfy those claims. The last thing you want is your house being sold because your son got into a car accident or got divorced, and now that asset has to be used. Because once you give it to them they own it. And even though you may not be worried about them taking it from you or stealing it, it's the unknown people you have to worry about. Again lawsuits, divorces, bankruptcy filings and things like that.
So the good news is there are ways to protect your assets and protect your savings from the nursing home. But you have to act and get these plans in place because Medicaid has a five year look back. I encourage you to give me a call. I'm happy to sit down and talk to you about the options for protecting your savings.
Hi, my name is Bill Miller, and I am an elder law attorney and estate planning lawyer in Alabama. I have offices in Anniston and Birmingham, and I advise clients in all areas of estate planning and elder law, including how to best ensure that my client's children—or other trusted agents—have access to their money, should they need it to pay medical bills, or for other reasons.
GET OUR FREE REPORT
ABOUT BILL
Bill Miller is an estate planning and elder care law attorney with offices in Anniston and Birmingham, Alabama. We help families put plans in place so that everyone knows their wishes if something happens to them and to help them protect their life savings from the devastating costs of long-term care.
VISIT OUR WEBSITE
CONNECT WITH US ON SOCIAL MEDIA
KEYWORDS
How Can I Protect My Savings From The Nursing Home
Estate Planning
Miller Estate And ElderLaw
Bill Miller
how to protect assets from a nursing home
long term care planning
how to protect your house from medicaid
protecting assets from medicaid
spending down assets for medicaid
how much does medicaid allow you to keep
how does a medicaid trust work
how to use trusts to protect assets
nursing home spend down
medicaid planning
avoid nursing home poverty
qualify for long term care medicaid
nursing home expenses
protect home from nursing home
👇 SUBSCRIBE TO MILLER ESTATE & ELDER LAW NOW 👇
#ProtectSavingsFromNursingHome #EstatePlanning #MillerEstateAndElderLaw #BillMiller
Medicaid has very strict income and asset limits, you can only have as a married couple, about $140,000 in assets. And if you're single you can only have about $2,000 in assets. So in order to protect your savings, you're going to have to put some strategies in place ahead of time in order to do that.
So one of the first things you can do is make sure that you have a power of attorney that gives your children or other trusted loved ones the authority to do asset protection planning for you, if you or your spouse has to go to a nursing home, most powers of attorney don't have that in there. So I would encourage you to see an elder law attorney to make sure that those provisions are there. You also can use what we call irrevocable trust, Medicaid asset protection trust. So you basically what you do is you transfer some of your assets into that trust, and then you give up control of those assets. Once they're in that trust for five years, then they don't count towards the Medicaid limits. So you might have, $350,000 in your irrevocable trust, and five years down the road you have to go to a nursing home, you may have to spend what's left. But that $350,000 that's in your trust is not going to have to be spent on your care, you can spend your other assets and then apply for Medicaid.
Once you get under the $2,000, Medicaid will then pay your nursing home bill. The other ways to protect them: you just have to get assets out of your name. But I do not recommend that you just give assets away to your children. The problem with that is, when you give them assets and put their names on your accounts, deed your property to them: if they get sued or divorced or file bankruptcy, then your assets can be used to satisfy those claims. The last thing you want is your house being sold because your son got into a car accident or got divorced, and now that asset has to be used. Because once you give it to them they own it. And even though you may not be worried about them taking it from you or stealing it, it's the unknown people you have to worry about. Again lawsuits, divorces, bankruptcy filings and things like that.
So the good news is there are ways to protect your assets and protect your savings from the nursing home. But you have to act and get these plans in place because Medicaid has a five year look back. I encourage you to give me a call. I'm happy to sit down and talk to you about the options for protecting your savings.
Hi, my name is Bill Miller, and I am an elder law attorney and estate planning lawyer in Alabama. I have offices in Anniston and Birmingham, and I advise clients in all areas of estate planning and elder law, including how to best ensure that my client's children—or other trusted agents—have access to their money, should they need it to pay medical bills, or for other reasons.
GET OUR FREE REPORT
ABOUT BILL
Bill Miller is an estate planning and elder care law attorney with offices in Anniston and Birmingham, Alabama. We help families put plans in place so that everyone knows their wishes if something happens to them and to help them protect their life savings from the devastating costs of long-term care.
VISIT OUR WEBSITE
CONNECT WITH US ON SOCIAL MEDIA
KEYWORDS
How Can I Protect My Savings From The Nursing Home
Estate Planning
Miller Estate And ElderLaw
Bill Miller
how to protect assets from a nursing home
long term care planning
how to protect your house from medicaid
protecting assets from medicaid
spending down assets for medicaid
how much does medicaid allow you to keep
how does a medicaid trust work
how to use trusts to protect assets
nursing home spend down
medicaid planning
avoid nursing home poverty
qualify for long term care medicaid
nursing home expenses
protect home from nursing home
👇 SUBSCRIBE TO MILLER ESTATE & ELDER LAW NOW 👇
#ProtectSavingsFromNursingHome #EstatePlanning #MillerEstateAndElderLaw #BillMiller
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