Planning for Nursing Home Care: Protect Your Assets Before It’s Too Late
Nearly 70% of Americans over the age of 65 will need some form of long-term care—and for many, that means a nursing home stay. With the average cost of nursing home care now exceeding $8,000 per month, even a short stay can quickly drain a lifetime of savings.
Many families are shocked to learn that qualifying for Medicaid—the government program that helps cover long-term care costs—is far from simple. Strict income and asset limits apply, and even once approved, the state may attempt to recover benefits paid from the individual’s estate after death.
At Hannam Law we help families navigate these challenges with two key planning approaches:
Advance PlanningWith enough lead time, we can help protect your assets through strategic transfers and trusts. By planning at least five years before nursing home admission, you can preserve your wealth while still qualifying for Medicaid when the time comes.
Crisis PlanningEven if a loved one is already in a nursing home or needs care soon, it’s not too late. Our attorneys guide families through the Medicaid “spend down” process by converting countable assets...
