There are many common misconceptions about Medicaid and long-term care, which include: 1) The nursing home will take my home and money, 2) I will lose my Social Security or pension, and 3) once in a nursing home it is too late to plan. Long term care expenses can exceed $7,000.00 per month and can be devastating to life-long savings. However, effective planning can make it possible for savings and assets to be passed on to your heirs, instead of to a long term care facility. Present laws enable the spouse of an institutionalized person, with proper guidance and assistance, to keep most, if not all, of their assets and enough income to continue to live in the community.
We are well-versed in the different options available to you and your family to protect assets if the need for long term care arises, whether that care be in the home, assisted living or nursing facility.