How can I protect my assets from nursing home costs?

In Florida, there are several steps and strategies that may be taken to protect assets from nursing home costs. First, you should look into long-term care insurance policies offered by private companies in the state. These policies can help cover the costs of a nursing home stay. Another option is to set up a living trust. A living trust is a legal document that allows you to transfer assets to a trust without passing through probate court. The trust then pays out to designated beneficiaries upon the death of the grantor. This allows you to maintain control over your assets while also protecting them from nursing home costs. If you are concerned about losing control of your assets upon entering a nursing home, another option is to set up a prepaid nursing home protection trust. This type of trust pays for nursing home care upfront, allowing you to keep the cost lower than if you were to pay out of pocket. Finally, you should consider setting up a Medicaid Spend Down. This involves transferring assets to a trust prior to applying for Medicaid. The spend down allows you to keep some of your assets while also allowing Medicaid to cover the costs of the nursing home stay. By following these steps, you can help protect your assets from nursing home costs. It is always important to consult with an experienced elder law attorney prior to making any decisions regarding your assets. This will ensure that your assets are fully protected and that your wishes are followed.

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How can I protect my assets from nursing home costs?

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