As we grow older, the possibility that a
spouse may need long-term care in a nursing home grows. While it’s a tough part
of life to face, there are other questions that go along with it, as well.
Among the main concerns is protecting your assets, should a spouse end up in a
nursing home for long-term care.
As we age, it only makes sense that
our parents are aging, as well. And while watching our parents grow from the
people who took care of us into elderly adults who, in turn, need care can be
difficult, it’s important that we’re aware of what we can do to protect them
mentally, physically, and financially. Concerning the latter, there are ways to
protect elderly parents’ assets. And while it may seem complicated, there are
ways to make sure it happens.
Protecting assets from a nursing home is the new
challenge for many because they risk losing their assets if one of them becomes
a resident to a nursing home.
You should plan ahead and protect your assets. As one
grows older, the concern of losing all or some of their properties to nursing
home grows, and they start to plan and consider options available to protect
A gift or a transfer is any activity that involves
selling, gifting, and exchange of assets for a less amount than what is in the
market. Also, a transfer could be a charitable asset transfer, such as a
charity. However, this could be disputed if the total balance of the assets can
be settled for the benefit of the claimant.
Initially, there are ways of protecting assets instead of
giving money away. This is where an asset protection trust comes into play.
Have you ever stopped to think of how your assets will be distributed after your demise or during your old age? Many people have rising concerns that their assets might be used to take care of their old age needs leaving their children with nothing to inherit.
Transfer of assets is the conveyance of anything valuable
from one place, situation, or person to another. Persons are generally entitled
to transferring assets to anyone they desire according to the laws, despite of
the reasons. These may be wills, gifts, or trusts. The statistics shows that
people who transfer properties and money to secure government funded nursing
care keeps on increasing. Most of them also evade paying creditors or Internal
Revenue Services. Nevertheless, the federal and state law forbids transfers
defrauding creditors. Therefore, the change of ownership reduces or eliminates
the person’s control of the assets immediately.
For some people, the idea of signing over their home to
their children later in life sounds appealing. They figure that the home would
stay in the family, and the parents can reap some benefits such as a lower
asset amount when applying for Medicaid. But the truth is that the act of
transferring your home to your children is potentially one of the worst
decisions you could ever make.
When you are looking for ways to protect your Bonita
Springs estate while paying for long-term health care, you are usually looking
for ways to protect or utilize assets that would normally be taken by Medicaid
when your spouse goes into assisted living. The best way to protect your estate
is to understand the Medicaid application rules and be familiar with the term
When Fort Myers residents apply for Medicaid, there are a lot of rules they have to become familiar with. Many of these rules are critically important as they involve the protection or use of the applicant’s assets to pay for assisted living and long-term medical costs. While there is an imposing list of assets that are subject to Medicaid’s authority, there are also assets that remain exempt. It is important for Fort Myers residents to know which assets are exempt from Medicaid and any special rules attached to those assets.
For decades, the idea of owning mineral rights has been
a popular investment for people from all walks of life. Mineral rights provide
a steady income and they can even help you build wealth if you become a savvy
investor. But mineral rights can also become a problem when you are applying
for Medicaid or if you find yourself in a situation where you are being sued
and your assets are exposed. It is important to make your mineral rights a part
of your estate planning and make sure that you are properly protected at all