Individuals with elderly relatives facing the prospect of an extended stay in a nursing home facility must deal the emotional difficulties along with the high cost associated with paying for extended nursing home care, which can cost well over $6,500.00 a month.
With proper planning by an experienced advisor, you can help insure that your relatives’ assets will be passed on to their children rather than to the nursing home.
Married individuals often face a more serious problem when making the decision to place their spouse in the nursing home. Couples used to have to get divorced or declare bankruptcy to enable the spouse at home to keep enough money to live on. This is no longer the case. Under current law, the community spouse, with proper advice from an attorney, can keep most, if not all their assets and sufficient income to pay his or her bills.