• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

Call us today for help!  (631) 265-0599
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Eghrari-Logo

Long Island Elder Law & Estate Planning

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

Mobile Menu

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

How to Protect Your Parents Money from Nursing Home Costs

It is important to protect money from nursing home costs because if you do not take steps to ensure assets are safe, a nursing home can result in crippling financial loss. A nursing home costs thousands of dollars every single month and it is not covered by Medicare or by most private insurance providers except in very limited circumstances such as when skilled nursing care is required. In the vast majority of cases where custodial care is needed — which means help is needed for routine activities of daily living — Medicare and private insurance policies provide no coverage at all. protect money from nursing home

You should be aware of the limitations of Medicare coverage if your parents are getting older. If your parents do not have an asset protection plan in place, they could end up in a situation where they end up spending their entire life savings on the costs of a nursing home. This could jeopardize their financial security and any legacy that they want to leave behind. Eghrari Wealth Training Law Firm  can provide assistance in making certain that your parents have taken steps to protect money from nursing home costs and can work with your family to develop a comprehensive plan in case nursing home care becomes necessary. To find out more about how our firm can help, give us a call today.

How to Protect Money from Nursing Home Costs

The best way to protect money from nursing home costs is to make a Medicaid plan. This involves structuring the ownership of your wealth so it does not count as financial resources for purposes of qualifying for means-tested Medicaid coverage. The reason this approach is a good one is because Medicaid covers the costs of nursing home care but Medicare does not provide this type of coverage. Medicaid, however, will not pay for you to get care unless you have limited financial resources because Medicaid benefits are available only to people with demonstrated financial need.

If you don’t make a Medicaid plan, you may have to impoverish yourself before you fall below Medicaid asset limits and Medicaid starts to pick up the tab for your nursing care. If you do make a Medicaid plan, then you can get Medicaid to cover you right away because the assets that you have protected won’t count when your eligibility for Medicaid is determined. Eghrari Wealth Training Law Firm  can assist with creating a customized asset protection plan by working with you to create and fund an asset protection trust.

If your parents are starting to get older, you should talk with them about whether they have this type of trust in place. If they have not made a plan to cover nursing home care, you should encourage them to. By working with your parents to put a plan in place, you can help them to keep their wealth safe and you can avoid having to make difficult decisions about what nursing home is right for them if the time comes when they need care.

Getting Help from a Nursing Home Planning Attorney

Eghrari Wealth Training Law Firm will work with your family at any stage in the nursing home planning process. We can help if you and your parents are making advanced plans to get your care in a nursing home covered and we can provide assistance with crisis planning if your parents require nursing home care imminently and you do not already have plans in place to protect wealth. The sooner you take action, the more assets you can protect — but we can assist even in situations where you need care now and want to preserve as much of your parent’s wealth as possible.

To find out more about how our legal team can assist you with all of the legal issues related to nursing home planning and nursing home care, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to get personalized advice specific to your situation.

  • Author
  • Recent Posts
Eghrari Wealth Training Law Firm
Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
Latest posts by Eghrari Wealth Training Law Firm (see all)
  • Are You Entitled to Veterans Aid & Attendance? - May 24, 2023
  • Top 10 Retirement Planning Tips - May 17, 2023
  • What Can I Do to Prevent Sibling Disputes? - May 3, 2023

About Eghrari Wealth Training Law Firm

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Previous Post: «Long Island estate planning attorney What Can Happen if You Don’t Have a Long Island Estate Planning Attorney?
Next Post: How Smithtown Trust Lawyers Work with You to Protect The People You Love Smithtown trust lawyers»

Primary Sidebar

Blog subscription

Subscribe to our Blog for the latest estate planning news and updates!

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Where We Are

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Map

map for Eghrari Wealth Training Law Firm office

Footer

Office Location

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Sign Up for Our Newsletter

Sign up to get our free estate planning newsletter for all of our tips and resources

  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Site Footer

ATTORNEY ADVERTISEMENT

Copyright © 2023 American Academy of Estate Planning Attorneys · All Rights Reserved