Going into nursing home care requires families to consider issues like the cost of care, how to protect assets, and what to do if one spouse is already in a nursing home.
Having a spouse transition into a nursing home is stressful for everyone involved, including the spouse living at home. It involves difficult decisions and a lot of anxiety. Some of that anxiety is due to how complex financing the nursing home care can seem. For many spouses still living at home, the thought of losing all their assets comes to mind. Families should know that there are ways to cover the costs of a loved one being in a nursing home without draining assets.
Proper estate planning is known to be vital for married couples. However, what about unmarried couples? Is it important for them, as well? The answer is yes. Estate planning for unmarried couples is as important as estate planning for married couples. In fact, it may be even more important for couples who live together but are unmarried. Without an estate plan, unmarried couples will not be able to make end-of-life decisions or inherit from each other.
Aging is a part of life and may lead to needing long-term care. Going into nursing home care requires us to examine a host of issues, including how we should protect our assets, including our homes. Long-term care lasts from 2.5 years for women, to 1.5 years for men, on average. Nearly 14 percent of people who enter a nursing home will be there over five years. That is to say; we should have a plan in place for our homes before it’s time to enter a nursing home.
Protecting your assets from things such as lawsuits, Medicaid recovery, and creditors is an important part of estate planning. Generally, people want their assets going to loved ones or beneficiaries they choose. There are a number of ways to do this, and make sure your assets are protected. Whether a trust is right for you depends on what you want to protect and from whom.
As we age, we start looking at end of life care more seriously. We know that when we turn 65, Medicare will kick in, and it will cover our doctor visits and prescriptions and hospital visits. However, when it comes to long-term care, what is Medicare’s role, and how do we protect our assets?
There are several ways to protect your assets, and preserve them for your heirs. One way to do that is through a family trust. When someone decides to set up a family trust, it is meant to benefit their relatives. It is meant to specifically benefit the person’s family, which can include blood relatives, relations by marriage, or relations by law, in the case of adoption. These can be revocable or irrevocable trusts and are essentially a subcategory of living trusts.
A living trust is set up to benefit both you and your heirs throughout your and their lifetimes. It is designed to hold your assets safely within it and give you the power to organize it how you would like. A living trust helps to avoid probate and provide for a smooth transfer of assets after a person dies. Transferring assets into a trust can save years and thousands of dollars in legal fees. However, not all of your assets should be included in a living trust, for various reasons. We will go over those here.
The reality of aging is a part of life, and, as unpleasant as it may be, it may lead to needing long-term care before we pass away.
Whether it is caring for a specific cognitive illness, such as Alzheimer’s disease, or any number of physical ailments that leave a person unable to care for themselves, going into nursing home care requires us to examine a host of issues. This includes the costs of a nursing home and how to protect your assets.
When a person decides to set up a family trust, it is meant to benefit his or her relatives. A family trust is meant to specifically benefit the person’s family, which may include blood relatives, relations by marriage, or by relations by law, in the case of adoption. A family trust can be a revocable or an irrevocable trust which is a subcategory of living trusts.
It is probably safe to assume that a conversation about a prenup is not what most people want to think about. After all, none of us think we will be in a position to actually need to know what a prenup protects, and how it works, especially after we’ve just committed to the person we love for the rest of our lives. Unfortunately, things do not always work out, and life does not always go the way we planned.