How to Protect Your Assets From Nursing Homes

Protecting your assets from nursing homes is very important.

Many people who enter nursing homes do so when they are physically or mentally unable to fully care for themselves. Unscrupulous persons take advantage of the situation, often dipping into the savings of these persons, or using their identity to purchase property or get loans.

A few young people live in these facilities, after they are injured physically.  Some young people live in this type of care facility when they have an illness that temporarily affects their ability to move around. Multiple sclerosis is one of these illnesses. Occasionally persons with secondary progressive MS may move into assisted care homes.

Protecting your Assets from Nursing Homes 

Protecting your assets from nursing homes is important for you and your family. Caregivers may attempt to dip into a family’s funds, or claim that they owe exorbitant sums of money for the care of their loved one. Some spouses have seriously considered divorce, as a means of guarding their assets. However this is extreme and unnecessary.

Image by LOLren via Flickr

Many people are aware that some forms of health insurance do not cover long term care in one of these homes. One solution is to buy an insurance policy that is specifically designed for long term care. Currently, in the United States, people who use MedicAid have some of their assets protected. It is important to note that retirement and bank accounts are not protected.

Protect your Assets from Nursing Homes  

If you, or your spouse or another member of your family need to enter a nursing home and you are concerned about assets, you should contact an elder law specialist. There are several firms that specialize in elder law who can give you good advice for your particular situation. Some lawyers will make home visits or have consultations at a nursing home, if that is required.

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  1. It’s a shame that some people will save for a lifetime, only to have someone or institution come along and take it all. And shame on those who do it and call it business. It’s good to have a good support system in place as we age, to help protect our interests.

  2. Good advice. I’ll add that this is something people need to start thinking about well before they are needing nursing care. There is usually a 5-year lookback on all assets.

  3. a great share! and some very valuable advice! thanks

  4. Very essential as these places tend to get rather greedy.

  5. They do.

  6. You’re welcome Avissado.

  7. It is vital to plan ahead MJ.

  8. @Mph
    It is.

  9. this thing has not yet caught up in India..children(most) look after their elderly parents. things are fast changing though..such homes are mushrooming in big cities…good advice

  10. Times are changing.

  11. It is terrible that older people who need nursing homes have to go through things in order to be protected. Thanks so much for the advice.

  12. It’s a shame to steal from people who stay in nursing homes. Glad to learn that some protections can be taken.

  13. It is. People who do it should be shamed publicly.

  14. @CA
    It is, but it’s better to be safe than sorry.

  15. Thanks for sharing this info.

  16. It’s something we all should do, but we often wait too long.

  17. Families keep lots to them self here, but we also have a good care system ,over here too thank god, and a lot of caring sharing people too cheers

  18. That’s a great way to go about it Matt.

  19. @Ruby

  20. You’re welcome Fx.

  21. It’s good to have a good support system in place as we age, to help protect our interests.

  22. It makes a big difference.

  23. Yes, when there is a good support system it makes a huge difference.

  24. that’s terrible, people steal from the old folks

  25. I agree. Protecting our assets is important.

  26. A large share

  27. very well written!

  28. Thank you.

  29. Hi Aheed.

  30. @Lapasan
    It is.

  31. Informative article

  32. This article can be very useful to many people.

  33. If I had my way, I would beseech God not to allow me grow so old as to be banished into a nursing home. first of all, the idea of spending your last days in a home is bad enough, where are my children whom I educated and where is the social system that we inherited from our ancestors? What about the house we built? It is sad to see the great tradition of caring for old dying off even here in Uganda.. We looked after our mom and dad until they died, it is only proper for our children to do the same right at our own home not in a nursing home, in this way there will be no anxiety of losing property to some greedy nuring home official. A great post here Sarrifah

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