Nursing home costs are astronomical. Genworth’s recent survey of nursing home costs showed the cost of a nursing home in NYC between $11000 and $15000 per month. None of us want to live in a nursing home. But if you or a loved one require that level of care, the question is, how will you pay for it? At a rate of upwards of $400 per day, it won’t take long to run through your life savings. But is there a way to protect your property? Can you preserve some or all of your property for your spouse, or your kids, even if you have to go into a nursing home? The answer is yes.
Is long term care insurance the solution?
Long term care insurance is one possible solution. But while it is definitely worth looking into, most won’t qualify. Even a modest health issue will make you ineligible for long term care insurance.
Can you stay at home?
Another possible strategy is to stay at home as long as possible. Our estate planning and elder care attorneys can qualify most of our clients within thirty days for community or in-home care. But won’t you have to wait five years? The answer is no. And studies show that if you stay at home longer, you’re less likely to go into a nursing home in the first place. But what if you don’t qualify for long term care insurance, and you can’t stay at home? Can you still preserve your estate?
Learn how much can be protected
The answer is yes. Medicaid Preplanning and Crisis Planning are complex areas of the law. Our elder law and estate planning attorneys concentrate their practice in this area. A Medicaid Preplanning consults by our qualified eldercare attorneys will tell you exactly how much of your property can be saved and when. In most cases, we can save between 60 and 100 percent of the value of the estate – even in a Crisis Planning situation.
If you need to go into a nursing home, or even if you think you might, you should plan ahead. Preplanning and Crisis Planning services by qualified elder care and estate planning attorneys in Staten Island is the best way to preserve your estate from the devastating costs of nursing home costs.