How can I protect my assets from nursing home costs?

Protecting your assets from nursing home costs in Maryland can be done through proper planning. An elder law attorney or financial advisor can help you create an appropriate estate plan to protect your assets. One strategy is to transfer your assets to a trust. Transferring assets to a trust allows you to retain control over how the assets are managed, and the trust can be structured so that assets are not counted as income when determining if you qualify for Medicaid coverage of long-term care expenses. Another way to protect your assets from nursing home costs is to spend them down. Spending down your assets to meet eligibility requirements for Medicaid is known as “Medicaid spend down.” This strategy can help cover nursing home costs without depleting your assets too quickly. In addition to these strategies, you may also want to look into the use of special needs trusts. This type of trust is designed to provide funds for medical and living expenses of a person with a disability. Special needs trusts are designed to preserve the trust beneficiary’s eligibility for public benefits such as Medicaid. No matter which strategy you choose, it is important to seek the advice of qualified professionals such as an elder law attorney to make sure that you take the necessary steps to protect your assets.

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How can I protect my assets from nursing home costs?

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