Reported 12 months ago
Long-term care for seniors is often expensive and may require moving into a nursing home, costing over $100,000 per year in some areas. Medicare covers very little of these costs, leading many households to face asset protection issues. Strategies to safeguard assets from nursing home expenses include long-term care insurance, establishing irrevocable trusts, setting up a life estate, gifting assets, and separating finances for married couples. Understanding Medicaid eligibility and seeking advice from financial advisors can help ensure major assets are secure.
Source: YAHOO