How To Protect Your Assets From Nursing Home Costs

In this article, you will discover:

• The average care cost of long-term care in South Carolina
• Medicaid’s asset limits for nursing home care in South Carolina
• How to protect your home from Medicaid recovery

How Much Does Long-Term Care Cost In South Carolina?

That question is difficult to answer because costs are constantly rising. In general, residency alone in assisted living or a nursing home will cost you around $4,500 a month. Long-term care, on average, will cost about $100,000 per year.

What Are Medicaid’s Asset Limits For Nursing Home Care?

In South Carolina, in order to receive Medicaid for any purpose, your total asset value has to be less than $10,000.

How Can I Protect My Home From Medicaid Recovery?

There are a few ways to protect your home from Medicaid recovery. First, you must act to protect your home more than five years before applying for Medicaid, as Medicaid has a five-year look-back rule. I suggest creating a living trust for all of your assets. You could also transfer your home to your children or your spouse, but again, it must be done more than five years before you apply for Medicaid.

What Is The Best Way To Structure My Estate Plan For Medicaid?

The best way to do that is to create a living trust to hold all of your assets. If you create that trust and do not need Medicaid for at least five years after, then the trust will protect you from having to sell your assets to qualify for Medicaid.

When Should I Start Planning For Long-Term Care Costs?

It is best to start planning now, no matter what age you are. Because of inflation and losing money or assets, it is better to create a family trust and put those assets in the trust. That way, you can protect them while they grow and increase in value. Later, when you need long-term care, they will be protected.

Still Have Questions? Ready To Get Started?

For more information on protecting assets from nursing home costs, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.