While getting older is inevitable, it does not come easily. Whether you develop the need to stretch as soon as you get out of bed in the morning or take great strides to slow the appearance of aging, you experience a wide range of changes as you age.
But in addition to your physical changes, you likely have concerns about your financial situation as well. You might worry about protecting your assets, what will happen if you run out of money or whether you will automatically lose everything if you move into a nursing home. But you do not have to be destitute to receive the care you need.
Typical financial concerns related to aging
The costs of nursing home care could make you feel as though you will lose everything you’ve worked for once you need to move out of your home. However, that is not necessarily the case.
In some instances, those in need of long-term care have sufficient funds available, but more often than not individuals worry about the related expenses. If you are looking at the possibility of nursing home care in your future, you might wonder:
- How will you leave an inheritance for your children?
- Are you going to lose everything if you move into a nursing home?
- What happens when you run out of money?
Although you likely foresee needing some financial help in the future, receiving funding through Medicare will not automatically deplete your financial accounts.
Planning ahead can help you protect your assets
You will not lose your house just because you move into a nursing home. That said, the state may file a claim on your home once you pass away to help recover expenses.
But rather than losing your home or assets you planned to designate to your loved ones, you may have some options. If you plan accordingly, you might be able to transfer ownership of your home to a loved one or protect it through a trust.
Address your concerns through gaining information
Through comprehensive estate planning, you can learn about your options while receiving guidance for protecting your assets.
On April 30th, Attorneys from Kentucky ElderLaw PLLC will present an in-depth seminar on this topic, among others, at the Cambridge Market in Bowling Green. Reserve your seat by calling (270)467-0002