Caring for aging parents? By protecting assets, you may be able to qualify them for Medicaid which will pay their care costs in an assisted living or nursing home in New Jersey and Delaware.
Read these tips for protecting your assets from nursing home costs.
Did you know that more than 70% of seniors will need long-term care assistance at some point in his or her life? Illnesses, disabilities, or a severe cognitive impairment, like dementia, often keeps people from living independently. Because of this, many seniors need help with basic self-care tasks.
The government program that pays for nursing home or assisted living care is called Medicaid. This federal and state medical program is for those who meet certain asset and income levels. Rules differ by state, New Jersey and Delaware Medicaid planning requires in depth knowledge of the state rules due to the very strict income and asset guidelines, however, by employing certain strategies to structure your assets, you may be able to qualify for Medicaid nursing home benefits sooner than expected and shelter some of your family's hard earned savings.
Frequently asked questions about protecting assets from nursing home costs
Can you really protect your assets from the high cost of nursing home care?
Yes, the strategies used for Medicaid planning in New Jersey and Delaware and the amounts protected will depend on things such as, your marital status, whether you are already in a nursing home, how your assets are structures and others. Both single individuals and married couples can own some property and still be eligible for Medicaid. There are trusts, financial products and other legal ways to protect your assets depending upon what stage of planning you are in due to the 5 year look back period that Medicaid has.
Is my house protected?
Yes, for the most part a Medicaid applicant can retain a principal residence, which is exempt property. Rules differ for single and married applicant's and equity values differ by state. In New Jersey the Medicaid equity limit for a primary residence is $828,000 in Delaware it is $525,00.
Can I transfer or Gift my assets?
Yes, but only under certain strict guidelines such as a spouse or disabled child. Transfers or gifts without the supervision of a qualified specialist should not be done, ever.
Why you should hire an attorney to help you?
With advanced planning, many people have been able to protect their home and assets from expensive nursing home costs. IN New Jersey and Delaware Medicaid planning These strategies for protecting your assets from nursing home costs are best handled by an elder law attorney. Since certain planning options may be better for your family than others, it’s important to speak with a knowledgeable elder law attorney to figure out the best option for you and your family.
Questions about Medicaid planning and asset protection in Delaware or New Jersey? Contact us today! 855.471.6771