Legal-Ease: Three tools to use five years before nursing home

Financial obligations for someone who needs to live in a nursing home or assisted living facility can be immense. Even in-home care can cost hundreds of dollars per day. 

The average time of a stay for a person in a nursing home is 835 days. That would translate to a total cost of $250,000, so for many people, it’s necessary to plan for the cost of long-term care. 

Typically, planning for long-term care expenses involves planning to become eligible for institutional Medicaid. 

Legal-Ease: Asset protection from nursing home costs

Protecting assets from nursing home costs isn’t an easy process.

There is insurance for long-term healthcare, and Ohio law allows a way to almost double the value of long-term care insurance. 

Some life insurance can also be used as a tool to pay for nursing home care.

But most people will need to keep in consideration becoming eligible for “institutional Medicaid.” 

Legal-Ease: When should I act to protect assets from long-term care expenses?

A common concern for Americans is the cost of long-term care. Monthly costs can be more than $7,000, and nursing home expenses over the course of a few years or decades can easily wipe out an individual’s savings. 

Determining what to do to be prepared for long-term care is only one step in the process. It’s also important to determine when to take certain steps in the long-term care planning process. 

Legal-Ease: Don’t shoot family over long-term care

The idea of facing being relocated to a nursing home or other long-term care facility can be very daunting. Recently it was reported that a woman shot and killed her son because he was planning to move his mother to an assisted living facility. 

This can be a difficult situation, and it’s important to remember that the reality of facing relocation is not a decision made by family. Rather, circumstances such as age, life experience and medical need are forced upon families.