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What happens to assets if you go into a nursing home?
In this article, you’ll learn about:
Let’s dig in.
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Entering a nursing home affects how your assets are treated, which depends on:
It impacts your finances, including Medicaid eligibility, estate planning, and asset protection.
Here are things that can happen to your assets if you go into a nursing home:
Read More: Does Your House Have To Be Paid Off To Put It In A Trust
Here are the things that could happen to your home when you go into a nursing home:
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No, a nursing home cannot directly take your house.
However, let’s say you use Medicaid to pay for nursing home care.
The state may try to reclaim those expenses from your estate after your death.
This can include assets like your home.
It’s important to know your state’s specific rules on this matter.
Our estate planning lawyers can help you protect your home.
Here are the scenarios when a nursing home can take your house:
Read More: What Happens To An Irrevocable Trust When The Grantor Dies?
Protecting assets from nursing home costs takes planning.
Here are common strategies to protect your or your parent’s assets from a nursing home:
Fill out the form on this page to consult an elder law attorney for guidance on these strategies.
Read More: Does Putting Your Home In A Trust Protect It From Medicaid?
Here are other questions our clients ask us related to what happens to your assets if you go into a nursing home.
Nursing homes don’t directly “take” houses.
Instead, Medicaid rules come into play. Here’s what you should know:
Medicaid helps cover U.S. nursing home costs.
To get Medicaid, you must be within set income and asset limits.
Remember, the house isn’t “taken” due to the look-back period.
Instead, this period impacts Medicaid eligibility.
States may apply these rules differently.
Fill out the form on this page to get help avoiding your assets being taken.
Read More: How To Put House In Trust With Mortgage
Nursing homes don’t directly “take” houses.
Instead, Medicaid rules determine if a house in a trust is at risk.
Here’s a clear breakdown:
In short, the house’s safety depends on the trust type and Medicaid’s rules.
An irrevocable trust, beyond the look-back period, can protect a house.
However, always consult a nursing home planning attorney for specific advice.
Read More: How Much Do Trusts Cost?
When Medicare stops paying for nursing home care, several things can happen, depending on the individual’s circumstances and resources.
Here’s a breakdown of what happens:
Read More: How Much Money Can You Inherit Without Paying Taxes On It?
Nursing homes don’t take your Social Security check directly.
Yet, if a resident uses Medicaid for nursing home costs, their income, including Social Security, often contributes to their care.
Here’s a breakdown:
If you want help from an elder law attorney, fill out the form below.
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