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Nursing Home Planning

Contact us to set up an individual assessment and for plans that fit your budget and needs.

RadioShow

Read information below AND also click on the link to the right to hear our WPSG Radio Show on planning for a Nursing Home event. This includes shows on Funeral Trusts, Estate Trusts, Long Term Care, and our show with our Elder Law Attorney Jim Koewler!

 

Why should I plan ahead?
By planning ahead there are many more options that you have. If you wait until that event occurs, then you are in crisis planning. Many times under stress we make decisions that are not the best decisions. By consulting with professional advisors, becoming familiar with the different nursing homes and assisted living facilities in your area, you can create a plan that will save you time, money and give you peace of mind.

How much does a Nursing Home or Assisted Living facility cost?
This figure varies depending on the state and city you live in. However, you can expect to pay around$2,000 to $4,000 for an Assisted Living facility. A nursing home will cost significantly more, expect to pay $6,000 to $9,000 per month, and some places in the country pay over $15,000 per month. If you have not planned ahead, acquired Long Term Care insurance and also protected your assets, you could run out of funds very quickly. Over 1,000,000 seniors go broke in less than a year of entering a nursing home.

Radio Show

Listen to our radio show on
Funeral Trusts:
Long Term Care:
Medicaid Planning, Jim Koewler:
Long Term Care:

What is Medicaid, and how will that help our family with medical bills?
Medicaid is a Federal and State funded program that helps pay medical costs for those that can not afford to pay on their own. There are many in-depth rules and they are different depending on if it is an individual or a married couple involved. In general, if it is an individual that has to go into the nursing home, then the house and car and all other assets will have to be sold, a process know as the "Spin Down." Most of the time you will have to cash in your life insurance policy to "Spin Down" the cash value inside of that policy! This will leave your family a burden to pay for your funeral expenses when you pass. Make sure you read the page on Irrevocable Funeral Trusts that can save your family from this financial burden!

 

If I know that my spouse (or anyone I care for) will be going into a nursing home, what can I do to protect assets?

Pre-planning is so important, but if you are in crisis planning right now..... Contact us!


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