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The nursing home stay will be paid for and the rest of your assets are safe. The downside is cost. Long-term care can be very expensive, especially if you buy it later in life.
Before you can make a plan to protect your assets, it's important to understand the financial mechanics that unfold when you go into a nursing home. The costs of staying in a nursing home vary ...
Once they have done that, assuming they have followed the rules, Medicaid will pay some or all of their nursing home costs. In this way, an irrevocable trust can protect assets from nursing home ...
If a trust of this nature is established, and assets are transferred into it five years before your loved one applies for Medicaid's long-term care benefits, those assets will not impact their ...
The most common reasons for an estate sale is the death of the property owner, [2] and the consequent need to quickly liquidate the deceased's belongings for any number of reasons: The survivors/heirs may have no interest in the bulk of the personal belongings left by the deceased; The survivors/heirs may simply lack space to keep the belongings
Many retirees go to nursing homes as their needs increase, creating a dilemma for protecting their wealth. A revocable trust places your wealth in a tax-protected vehicle you can control until you ...
A trap for the unwary U.S. investor with an asset on which there have been gains in value who contributes the asset before the gains become long-term. The premature gift forfeits deduction of the short-term gains. The asset can be deducted only up to the amount of its basis, and not up to the amount of its appreciated market value.
Besides special trusts, options like long-term care insurance, home equity lines of credit, Medicaid annuities and gifts to family can also help reduce countable assets and/or pay for long-term ...