Is spending all my assets the only way to pay for nursing home care? No, there are a number of alternatives. One is long-term care insurance. Depending upon your health and the cost of such insurance, it can help pay for at least a part of the expense of assisted living or skilled nursing home care. Unfortunately, that type of insurance has become more costly as you grow older, even if you get it. Perhaps a better way is for you to create an Irrevocable Asset Protection Trust into which you transfer your assets now; however, you never give up control of those assets. So long as 5 years goes by after you create that trust, the assets within it do not have to be used for such expenses and you could qualify for Medicaid to pay for skilled nursing care. This should be thoroughly discussed with an experienced Elderlaw Attorney.
-Attorney Jack N. Alpern