How can I protect my assets from nursing home costs?

In Delaware, there are several ways to protect your assets from nursing home costs. One way is to make sure you have a long-term care insurance policy. This type of insurance helps cover the costs of extended hospital stays, home health care, or nursing home care. Another way to protect your assets is to set up a trust. A trust is a relationship in which a person (the grantor) gives assets to another person (the trustee) for the benefit of a third person (the beneficiary). With a trust, you can control how your trust assets are used and protect them from nursing home costs. If you are over the age of 60, you may be able to take advantage of programs offered by the Delaware Division of Services for Aging and Adults with Physical Disabilities. These programs may help you stay in your home and receive services that could keep you from needing to move into a nursing home. Additionally, a financial advisor or elder law attorney can provide more specific advice to your individual situation. They can provide tailored strategies to protect your assets from nursing home costs. By utilizing these different strategies, you can protect your assets and stay in control of your finances. With some planning and preparation, you can manage costs associated with long-term care.

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How can I protect my assets from nursing home costs?

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