How to protect assets from nursing home costs is on the top of people’s minds.
In a study administered by the Associated Press and the NORC Center for Public Research, about 70% of survey respondents (1,019 in total respondents) stated they were worried about having to pay for these services. With the growing costs of these services, no wonder why.
Additionally, the average annual cost of skilled nursing care for a semi-private room is going through the roof. Add to the fact that the Department of Health and Human Services state that 7 out of 10 people over age 65 will experience a long-term care event at some point during the rest of their lifetime, no wonder people are uneasy.
Most individuals and families wonder how to protect assets from nursing home costs. Do you share the same feelings?
In this article, we discuss who pays for nursing home costs and alternatives to protect your assets from nursing home costs, namely using a trust.