How can I protect my assets from nursing home costs?

In Washington, one of the best ways to protect your assets from nursing home costs is to set up a long-term care trust. A long-term care trust is a type of special trust that allows you to transfer assets out of your name while still taking advantage of Medicaid eligibility rules. With this type of trust, you can put your assets in the trust, and then use the funds only for nursing home costs and related medical expenses. Setting up a long-term care trust can be complicated and requires specialized knowledge of elder law. Another way to protect your assets from nursing home costs is to give away or transfer some of your assets before you need to apply for Medicaid. The state of Washington has rules related to this type of gifting or asset transfer. In addition, there are federal rules that could also come into play. It is important to understand these rules and how they apply to you, as well as the tax and estate planning implications of any asset transfers. Finally, you might want to consider purchasing long-term care insurance, which provides for coverage of nursing home costs. While this may not protect your assets, it can be a way to offset some of the costs associated with paying for nursing home care. It is important to discuss this option with an elder law attorney to understand the benefits, limitations, and costs of long-term care insurance.

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How can I protect my assets from nursing home costs?

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