Although most people often think they need to wait until they are 65 or 70 years old, it really is never too early to start elder care planning. People can become incapacitated earlier than that, resulting in the need for long-term care at a younger age. Ideally, you should have something in place at least ten years before you will need it.
Is It Too Late To Protect Your Assets If You Or Your Loved One Is Already In A Nursing Home Care Facility?
If someone has already entered a nursing home and has substantial assets, there often is not a lot that can be done at that point. If the person’s estate can afford the cost of the nursing home, then they must pay it. This is a situation where earlier planning would have been better.
What Happens To Your Loved One If They Do Run Out Of Funds In A Nursing Home?
If one runs out of funds then they should qualify for Medicaid at that point. Between Medicaid and social security, should be fine to cover the costs associated with the nursing home. Unfortunately, that could mean the person might not have any other income left over for other things. Legally, a nursing home cannot kick out someone as long as Medicaid is paying.
For more information Elder Law in Arkansas, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (501) 819-8090 today.
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