What Is Nursing Home Asset Protection?

The concept of asset protection is usually applied to potential lawsuits, but there is another type of asset protection that everyone should be concerned about. It can be hard to envision a time when you will not be able to take care of all of your own day-to-day needs, but the reality is that most senior citizens will eventually need living assistance. The figure is 70 percent according to the United States Department of Health and Human Services. Most seniors qualify for Medicare when they reach the age of 65, but Medicare does not pay for long-term care. There are those who can rely on family members and friends for assistance, but a significant percentage of elders ultimately reside in assisted living communities and nursing homes. These facilities are quite expensive, and long-term care costs are especially high here in Connecticut, where we practice law. It can easily cost you well in excess of $100,000 per year to reside in a nursing home, and people often require multiple year
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