SlideShare a Scribd company logo
1 of 6
Download to read offline
WHAT IS NURSING
HOME ASSET
PROTECTION?
“There is another type of asset protection that impacts a
majority of Americans. This would be nursing home asset
protection. Why do you need to protect your assets from a
nursing home? Read on to find the answer to this question.”
THE VERMILLION LAW FIRM, LLC
Texas Estate Planning Attorneys
What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 2
The concept of asset protection can sound like something that would only apply
to lawsuits. Indeed, there are asset protection strategies that can be implemented
by people who are vulnerable to legal actions.
However, there is another type of asset protection that impacts a majority of
Americans. This would be nursing home asset protection.
Why do you need to protect your assets from a nursing home? Read on to find the
answer to this question.
What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 3
MOST PEOPLE WILL NEED IT
Everyone is aware of the fact that
some senior citizens need help with
their day-to-day needs, but you
may be under the impression that
you will not be among them when
you attain senior status. In reality,
the statistics tell a different tale.
There is a very useful website that
is maintained by the United States
Department of Health and Human
Services that is called longtermcare.gov. You should certainly explore the site if
you want to become informed about the eventualities of aging.
When you visit the site, you are greeted with this statistic: Seven out of every 10
seniors citizens who are turning 65 today will someday need long-term care. As
you can see from this statistic, you should certainly prepare for this eventuality in
advance.
FINANCIAL IMPLICATIONS
Wrapping your head around the concept of long-term care mentally is one thing,
and it can be a significant thing. However, there is also the financial angle to
consider. Most people will qualify for Medicare coverage when they reach the age
of 65. This program will help with things that are covered, but Medicare does not
pay for long-term care.
What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 4
When you consider the fact that most people will need long-term care, and
Medicare won't pay for it, you may start to pay attention. The attention may
become more profound when you gain an understanding of the state of long-term
care costs in the United States.
We practice law in the greater Dallas area. Genworth Financial has done some
great work keeping a finger on the pulse of the long-term care costs around the
country. According to their survey, the median annual charge for a private room
in a Dallas area nursing home is $78,475 in 2015.
A government survey was done a while back, and it found that the average length
of stay for someone in a nursing home is
around two years and three months.
Approximately 10 percent of people in
nursing homes require the care for at
least five years.
When you combine the statistics, a
typical stay in a Dallas area nursing
home could cost close to $200,000 under the currently existing dynamic, and
costs have been rising.
NURSING HOME ASSET PROTECTION
When you digest this background information, you can clearly see why nursing
home asset protection is something that should be on your radar. For most
people, the solution is the Medicaid program. This program does pay for long-
term care.
What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 5
You are probably aware of the fact that Medicaid is a government program that is
in place to provide health insurance for people with financial need. Because it is a
need-based program, there is a $2000 limit on countable assets.
To qualify, you could give gifts to your loved ones before you apply. You would in
a real sense be giving them their inheritances in advance, because to put it
bluntly, the nursing home would be your last stop.
This takes careful planning, because you have to complete the gift giving at least
five years before you submit your application if you want to obtain coverage in a
timely manner.
CONCLUSION
There are three profound realities that you should take away from this paper:
Most people will need long-term care, it is very expensive, and Medicare will not
cover it. These are the reasons why Medicaid asset protection is important.
If you can qualify for Medicaid, a program that does pay for long-term care, you
can get the care that you need as you keep assets in your family. To explore
nursing home asset protection strategies, contact an elder law attorney.
REFERENCES
United States Department of Health and Human Services
www.longtermcare.gov
Genworth Financial
https://www.genworth.com/corporate/about-genworth/industry-expertise/cost-
of-care.html
What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 6
About the Author
John R. Vermillion
John R. Vermillion works as an estate planning and probate attorney
and is licensed to practice in Texas, Louisiana, Oklahoma, and
Tennessee. A native Texan, he graduated from Texas Christian
University in 1974 receiving a Bachelor of Arts Degree in Political
Science. In 1977, he received his Juris Doctor degree from the
Louisiana State University Law School.
Upon graduation from law school, Mr. Vermillion worked
extensively as a corporate attorney in the fields of oil and gas
exploration and production, real estate development, finance and
estate planning. He served for many years as corporate counsel and
Vice President of a private independent oil and gas company.
Mr. Vermillion is a member of the State Bar of Texas, the Dallas Bar Association, the Louisiana
State Bar Association, the Oklahoma Bar Association, and the Tennessee Bar Association. He is
a member of the American Academy of Estate Planning Attorneys and the National Academy of
Elder Law Attorneys.
Also active in his community, he currently serves as a director for the Charles Coody Classic
Golf Tournament which benefits Catholic Charities of Fort Worth, Texas. A member of the
French-American Chamber of Commerce, Louisiana Chapter, Mr. Vermillion pursues their
goal of promoting and developing commercial and financial relations between France and the
United States. In addition, he serves on the TCU Dallas Alumni Board and sponsors the Dallas
area NAMI Walkathon (National Alliance for Mental Illness).
Coming from a family of entrepreneurs, Mr. Vermillion has owned and operated his own
businesses, including an historic inn. His experience has given him a hands-on understanding
of the legal and practical issues facing his clients and their estate planning needs.
The Vermillion Law Firm, LLC
www.vermillionlawfirm.com
7616 LBJ Freeway #120
Dallas, TX 75251
Phone: (972) 386-4560
Toll Free: (888) 567-574

More Related Content

What's hot

Financial planning and long term care 2016 june right blend investing
Financial planning and long term care 2016 june right blend investingFinancial planning and long term care 2016 june right blend investing
Financial planning and long term care 2016 june right blend investingRobert J. Martorana, CFA
 
What Is an Elder Law Attorney in North Dakota
What Is an Elder Law Attorney in North DakotaWhat Is an Elder Law Attorney in North Dakota
What Is an Elder Law Attorney in North DakotaRaymond German
 
Understanding Long-Term Care
Understanding Long-Term CareUnderstanding Long-Term Care
Understanding Long-Term CarePassare
 
Elder Health Care What Will It Look Like Tomorrow and How Much Will It Cost
Elder Health Care What Will It Look Like Tomorrow and How Much Will It CostElder Health Care What Will It Look Like Tomorrow and How Much Will It Cost
Elder Health Care What Will It Look Like Tomorrow and How Much Will It CostAndrew Hook
 
Health Care Talking Points Presentation Document
Health Care Talking Points Presentation DocumentHealth Care Talking Points Presentation Document
Health Care Talking Points Presentation DocumentNYrat
 
Ovation - Services & Supplemental
Ovation - Services & SupplementalOvation - Services & Supplemental
Ovation - Services & Supplementalguestc8ce8f
 
2017 HHG Supplemental Benefits
2017 HHG Supplemental Benefits2017 HHG Supplemental Benefits
2017 HHG Supplemental BenefitsDakota Mahut
 
What is covered under medicare and medicaid
What is covered under medicare and medicaidWhat is covered under medicare and medicaid
What is covered under medicare and medicaidAlfred Taylor
 
Avoid Mistakes in Buying LTC Insurance
 Avoid Mistakes in Buying LTC Insurance Avoid Mistakes in Buying LTC Insurance
Avoid Mistakes in Buying LTC Insurancefreddysaamy
 
Continuous Medicaid Eligibility for Newly Eligible Adults The Next Big Thing
Continuous Medicaid Eligibility for Newly Eligible Adults The Next Big ThingContinuous Medicaid Eligibility for Newly Eligible Adults The Next Big Thing
Continuous Medicaid Eligibility for Newly Eligible Adults The Next Big ThingJamie A. Brennan
 
Medicaid & Elder Law Attorney
Medicaid & Elder Law AttorneyMedicaid & Elder Law Attorney
Medicaid & Elder Law Attorneyhsbelderlaw
 
Role of an Elder Law Attorney
Role of an Elder Law AttorneyRole of an Elder Law Attorney
Role of an Elder Law AttorneyJason McCutchin
 
What is a Guardianship in Minnesota?
What is a Guardianship in Minnesota?What is a Guardianship in Minnesota?
What is a Guardianship in Minnesota?Raymond German
 
Rademaker speaker bio
Rademaker speaker bioRademaker speaker bio
Rademaker speaker biodrademakbro
 
Senior Health Insurance_DVU_September 12 2013
Senior Health Insurance_DVU_September 12 2013Senior Health Insurance_DVU_September 12 2013
Senior Health Insurance_DVU_September 12 2013Mary Howrey
 
Critical illness insurance
Critical illness insuranceCritical illness insurance
Critical illness insuranceVinshu Makkar
 
CSAA Insurance Group Wins 2017 Communitas Award for Fourth Consecutive Year
CSAA Insurance Group Wins 2017 Communitas Award for Fourth Consecutive YearCSAA Insurance Group Wins 2017 Communitas Award for Fourth Consecutive Year
CSAA Insurance Group Wins 2017 Communitas Award for Fourth Consecutive YearJason Allen
 
Group Financially Focused
Group Financially FocusedGroup Financially Focused
Group Financially FocusedCynthia Wilson
 

What's hot (20)

Financial planning and long term care 2016 june right blend investing
Financial planning and long term care 2016 june right blend investingFinancial planning and long term care 2016 june right blend investing
Financial planning and long term care 2016 june right blend investing
 
What Is an Elder Law Attorney in North Dakota
What Is an Elder Law Attorney in North DakotaWhat Is an Elder Law Attorney in North Dakota
What Is an Elder Law Attorney in North Dakota
 
Understanding Long-Term Care
Understanding Long-Term CareUnderstanding Long-Term Care
Understanding Long-Term Care
 
Elder Health Care What Will It Look Like Tomorrow and How Much Will It Cost
Elder Health Care What Will It Look Like Tomorrow and How Much Will It CostElder Health Care What Will It Look Like Tomorrow and How Much Will It Cost
Elder Health Care What Will It Look Like Tomorrow and How Much Will It Cost
 
Health Care Talking Points Presentation Document
Health Care Talking Points Presentation DocumentHealth Care Talking Points Presentation Document
Health Care Talking Points Presentation Document
 
Ovation - Services & Supplemental
Ovation - Services & SupplementalOvation - Services & Supplemental
Ovation - Services & Supplemental
 
2017 HHG Supplemental Benefits
2017 HHG Supplemental Benefits2017 HHG Supplemental Benefits
2017 HHG Supplemental Benefits
 
What is covered under medicare and medicaid
What is covered under medicare and medicaidWhat is covered under medicare and medicaid
What is covered under medicare and medicaid
 
Avoid Mistakes in Buying LTC Insurance
 Avoid Mistakes in Buying LTC Insurance Avoid Mistakes in Buying LTC Insurance
Avoid Mistakes in Buying LTC Insurance
 
Continuous Medicaid Eligibility for Newly Eligible Adults The Next Big Thing
Continuous Medicaid Eligibility for Newly Eligible Adults The Next Big ThingContinuous Medicaid Eligibility for Newly Eligible Adults The Next Big Thing
Continuous Medicaid Eligibility for Newly Eligible Adults The Next Big Thing
 
Medicaid & Elder Law Attorney
Medicaid & Elder Law AttorneyMedicaid & Elder Law Attorney
Medicaid & Elder Law Attorney
 
Role of an Elder Law Attorney
Role of an Elder Law AttorneyRole of an Elder Law Attorney
Role of an Elder Law Attorney
 
ECGselection
ECGselectionECGselection
ECGselection
 
What is a Guardianship in Minnesota?
What is a Guardianship in Minnesota?What is a Guardianship in Minnesota?
What is a Guardianship in Minnesota?
 
Rademaker speaker bio
Rademaker speaker bioRademaker speaker bio
Rademaker speaker bio
 
Senior Health Insurance_DVU_September 12 2013
Senior Health Insurance_DVU_September 12 2013Senior Health Insurance_DVU_September 12 2013
Senior Health Insurance_DVU_September 12 2013
 
ihss los Angeles
ihss los Angelesihss los Angeles
ihss los Angeles
 
Critical illness insurance
Critical illness insuranceCritical illness insurance
Critical illness insurance
 
CSAA Insurance Group Wins 2017 Communitas Award for Fourth Consecutive Year
CSAA Insurance Group Wins 2017 Communitas Award for Fourth Consecutive YearCSAA Insurance Group Wins 2017 Communitas Award for Fourth Consecutive Year
CSAA Insurance Group Wins 2017 Communitas Award for Fourth Consecutive Year
 
Group Financially Focused
Group Financially FocusedGroup Financially Focused
Group Financially Focused
 

Similar to What is Nursing Home Asset Protection

Can I Give Away Assets to Qualify for Medicaid in Arizona?
Can I Give Away Assets to Qualify for Medicaid in Arizona?Can I Give Away Assets to Qualify for Medicaid in Arizona?
Can I Give Away Assets to Qualify for Medicaid in Arizona?Larry Deason
 
Texas Long-Term Care and Medicaid Planning
Texas Long-Term Care and Medicaid PlanningTexas Long-Term Care and Medicaid Planning
Texas Long-Term Care and Medicaid PlanningSteve P. Mendel
 
What Can My Spouse Keep When I am Applying for Medicaid in Indiana?
What Can My Spouse Keep When I am Applying for Medicaid in Indiana?What Can My Spouse Keep When I am Applying for Medicaid in Indiana?
What Can My Spouse Keep When I am Applying for Medicaid in Indiana?Paul Kraft
 
Does Medicare Pay for Long-Term Care in New York
Does Medicare Pay for Long-Term Care in New YorkDoes Medicare Pay for Long-Term Care in New York
Does Medicare Pay for Long-Term Care in New YorkMark Eghrari
 
What Is a Special Needs Trust in North Dakota
What Is a Special Needs Trust in North DakotaWhat Is a Special Needs Trust in North Dakota
What Is a Special Needs Trust in North DakotaRaymond German
 
Planning For Long Term Care
Planning For Long Term CarePlanning For Long Term Care
Planning For Long Term CareCheryl David
 
Medicaid Planning in Oklahoma: What is the Medicaid Look Back?
Medicaid Planning in Oklahoma: What is the Medicaid Look Back?Medicaid Planning in Oklahoma: What is the Medicaid Look Back?
Medicaid Planning in Oklahoma: What is the Medicaid Look Back?Larry Parman
 
Cedar Point Financial Monthly
Cedar Point Financial MonthlyCedar Point Financial Monthly
Cedar Point Financial Monthlytoddrobison
 
Medicaid Planning in Illinois
Medicaid Planning in IllinoisMedicaid Planning in Illinois
Medicaid Planning in IllinoisRobert Nash
 
Can I Give Assets to Qualify for Medicaid in Connecticut?
Can I Give Assets to Qualify for Medicaid in Connecticut?Can I Give Assets to Qualify for Medicaid in Connecticut?
Can I Give Assets to Qualify for Medicaid in Connecticut?Barry D Horowitz
 
What Is a New York Special Needs Trust
What Is a New York Special Needs TrustWhat Is a New York Special Needs Trust
What Is a New York Special Needs TrustMark Eghrari
 
Set The Stage for Medi-Cal Eligibility
Set The Stage for Medi-Cal Eligibility Set The Stage for Medi-Cal Eligibility
Set The Stage for Medi-Cal Eligibility HayesLaw
 
Long Term Care Planning in Illinois: Why It Should Be Part of Your Estate Plan
Long Term Care Planning in Illinois: Why It Should Be Part of Your Estate PlanLong Term Care Planning in Illinois: Why It Should Be Part of Your Estate Plan
Long Term Care Planning in Illinois: Why It Should Be Part of Your Estate PlanRobert Nash
 
Don't Lose Everything to a Nursing Home
Don't Lose Everything to a Nursing HomeDon't Lose Everything to a Nursing Home
Don't Lose Everything to a Nursing HomeDavid Corman
 
What Is the Medicaid Maintenance Needs Allowance in Connecticut
What Is the Medicaid Maintenance Needs Allowance in ConnecticutWhat Is the Medicaid Maintenance Needs Allowance in Connecticut
What Is the Medicaid Maintenance Needs Allowance in ConnecticutBarry D Horowitz
 
Can I Qualify for Medicaid If I Own a Home?
Can I Qualify for Medicaid If I Own a Home?Can I Qualify for Medicaid If I Own a Home?
Can I Qualify for Medicaid If I Own a Home?John Potter
 
Dignity For Life: Five Things You Should Know Before Considering Long-Term Ca...
Dignity For Life: Five Things You Should Know Before Considering Long-Term Ca...Dignity For Life: Five Things You Should Know Before Considering Long-Term Ca...
Dignity For Life: Five Things You Should Know Before Considering Long-Term Ca...tbaldinette
 
Asset Protection For Athletes
Asset Protection For AthletesAsset Protection For Athletes
Asset Protection For AthletesGoReedo
 

Similar to What is Nursing Home Asset Protection (20)

Can I Give Away Assets to Qualify for Medicaid in Arizona?
Can I Give Away Assets to Qualify for Medicaid in Arizona?Can I Give Away Assets to Qualify for Medicaid in Arizona?
Can I Give Away Assets to Qualify for Medicaid in Arizona?
 
Texas Long-Term Care and Medicaid Planning
Texas Long-Term Care and Medicaid PlanningTexas Long-Term Care and Medicaid Planning
Texas Long-Term Care and Medicaid Planning
 
Estate Planning and You
Estate Planning and YouEstate Planning and You
Estate Planning and You
 
What Can My Spouse Keep When I am Applying for Medicaid in Indiana?
What Can My Spouse Keep When I am Applying for Medicaid in Indiana?What Can My Spouse Keep When I am Applying for Medicaid in Indiana?
What Can My Spouse Keep When I am Applying for Medicaid in Indiana?
 
Does Medicare Pay for Long-Term Care in New York
Does Medicare Pay for Long-Term Care in New YorkDoes Medicare Pay for Long-Term Care in New York
Does Medicare Pay for Long-Term Care in New York
 
What Is a Special Needs Trust in North Dakota
What Is a Special Needs Trust in North DakotaWhat Is a Special Needs Trust in North Dakota
What Is a Special Needs Trust in North Dakota
 
Planning For Long Term Care
Planning For Long Term CarePlanning For Long Term Care
Planning For Long Term Care
 
Medicaid Planning in Oklahoma: What is the Medicaid Look Back?
Medicaid Planning in Oklahoma: What is the Medicaid Look Back?Medicaid Planning in Oklahoma: What is the Medicaid Look Back?
Medicaid Planning in Oklahoma: What is the Medicaid Look Back?
 
Cedar Point Financial Monthly
Cedar Point Financial MonthlyCedar Point Financial Monthly
Cedar Point Financial Monthly
 
Medicaid Planning in Illinois
Medicaid Planning in IllinoisMedicaid Planning in Illinois
Medicaid Planning in Illinois
 
Can I Give Assets to Qualify for Medicaid in Connecticut?
Can I Give Assets to Qualify for Medicaid in Connecticut?Can I Give Assets to Qualify for Medicaid in Connecticut?
Can I Give Assets to Qualify for Medicaid in Connecticut?
 
What Is a New York Special Needs Trust
What Is a New York Special Needs TrustWhat Is a New York Special Needs Trust
What Is a New York Special Needs Trust
 
Set The Stage for Medi-Cal Eligibility
Set The Stage for Medi-Cal Eligibility Set The Stage for Medi-Cal Eligibility
Set The Stage for Medi-Cal Eligibility
 
Long Term Care Planning in Illinois: Why It Should Be Part of Your Estate Plan
Long Term Care Planning in Illinois: Why It Should Be Part of Your Estate PlanLong Term Care Planning in Illinois: Why It Should Be Part of Your Estate Plan
Long Term Care Planning in Illinois: Why It Should Be Part of Your Estate Plan
 
Don't Lose Everything to a Nursing Home
Don't Lose Everything to a Nursing HomeDon't Lose Everything to a Nursing Home
Don't Lose Everything to a Nursing Home
 
What Is the Medicaid Maintenance Needs Allowance in Connecticut
What Is the Medicaid Maintenance Needs Allowance in ConnecticutWhat Is the Medicaid Maintenance Needs Allowance in Connecticut
What Is the Medicaid Maintenance Needs Allowance in Connecticut
 
Can I Qualify for Medicaid If I Own a Home?
Can I Qualify for Medicaid If I Own a Home?Can I Qualify for Medicaid If I Own a Home?
Can I Qualify for Medicaid If I Own a Home?
 
Retirement Security Final Report
Retirement Security Final ReportRetirement Security Final Report
Retirement Security Final Report
 
Dignity For Life: Five Things You Should Know Before Considering Long-Term Ca...
Dignity For Life: Five Things You Should Know Before Considering Long-Term Ca...Dignity For Life: Five Things You Should Know Before Considering Long-Term Ca...
Dignity For Life: Five Things You Should Know Before Considering Long-Term Ca...
 
Asset Protection For Athletes
Asset Protection For AthletesAsset Protection For Athletes
Asset Protection For Athletes
 

More from Jennifer Vermillion

Medicaid and Medicare: Do You Know the Difference
Medicaid and Medicare: Do You Know the DifferenceMedicaid and Medicare: Do You Know the Difference
Medicaid and Medicare: Do You Know the DifferenceJennifer Vermillion
 
The Ins and Outs of Estate Administration
The Ins and Outs of Estate AdministrationThe Ins and Outs of Estate Administration
The Ins and Outs of Estate AdministrationJennifer Vermillion
 
The Role of Fiduciaries in Your Estate Plan
The Role of Fiduciaries in Your Estate PlanThe Role of Fiduciaries in Your Estate Plan
The Role of Fiduciaries in Your Estate PlanJennifer Vermillion
 
Revocable Living Trusts: More Essential Concepts
Revocable Living Trusts: More Essential ConceptsRevocable Living Trusts: More Essential Concepts
Revocable Living Trusts: More Essential ConceptsJennifer Vermillion
 
Revocable Living Trusts: Essential Concepts
Revocable Living Trusts: Essential ConceptsRevocable Living Trusts: Essential Concepts
Revocable Living Trusts: Essential ConceptsJennifer Vermillion
 
Wills in the State of Texas: Your Options, and the Legal Requirements for Mak...
Wills in the State of Texas: Your Options, and the Legal Requirements for Mak...Wills in the State of Texas: Your Options, and the Legal Requirements for Mak...
Wills in the State of Texas: Your Options, and the Legal Requirements for Mak...Jennifer Vermillion
 
Advance Directives in Texas: What They Are, How They Help and You Need Them
Advance Directives in Texas: What They Are, How They Help and You Need ThemAdvance Directives in Texas: What They Are, How They Help and You Need Them
Advance Directives in Texas: What They Are, How They Help and You Need ThemJennifer Vermillion
 
Intestacy in Texas: Basic Questions and Answers
Intestacy in Texas: Basic Questions and AnswersIntestacy in Texas: Basic Questions and Answers
Intestacy in Texas: Basic Questions and AnswersJennifer Vermillion
 
What Is Estate Planning: Commonly Asked Questions and Answers
What Is Estate Planning: Commonly Asked Questions and AnswersWhat Is Estate Planning: Commonly Asked Questions and Answers
What Is Estate Planning: Commonly Asked Questions and AnswersJennifer Vermillion
 

More from Jennifer Vermillion (14)

Trust Beneficiaries Have Rights
Trust Beneficiaries Have RightsTrust Beneficiaries Have Rights
Trust Beneficiaries Have Rights
 
The 411 on Estate Planning
The 411 on Estate PlanningThe 411 on Estate Planning
The 411 on Estate Planning
 
Medicaid and Medicare: Do You Know the Difference
Medicaid and Medicare: Do You Know the DifferenceMedicaid and Medicare: Do You Know the Difference
Medicaid and Medicare: Do You Know the Difference
 
The Ins and Outs of Estate Administration
The Ins and Outs of Estate AdministrationThe Ins and Outs of Estate Administration
The Ins and Outs of Estate Administration
 
Pet Planning in Texas
Pet Planning in TexasPet Planning in Texas
Pet Planning in Texas
 
The Role of Fiduciaries in Your Estate Plan
The Role of Fiduciaries in Your Estate PlanThe Role of Fiduciaries in Your Estate Plan
The Role of Fiduciaries in Your Estate Plan
 
Revocable Living Trusts: More Essential Concepts
Revocable Living Trusts: More Essential ConceptsRevocable Living Trusts: More Essential Concepts
Revocable Living Trusts: More Essential Concepts
 
Revocable Living Trusts: Essential Concepts
Revocable Living Trusts: Essential ConceptsRevocable Living Trusts: Essential Concepts
Revocable Living Trusts: Essential Concepts
 
What Is a Medicaid Trust
What Is a Medicaid TrustWhat Is a Medicaid Trust
What Is a Medicaid Trust
 
Wills in the State of Texas: Your Options, and the Legal Requirements for Mak...
Wills in the State of Texas: Your Options, and the Legal Requirements for Mak...Wills in the State of Texas: Your Options, and the Legal Requirements for Mak...
Wills in the State of Texas: Your Options, and the Legal Requirements for Mak...
 
Pet Planning in Texas
Pet Planning in TexasPet Planning in Texas
Pet Planning in Texas
 
Advance Directives in Texas: What They Are, How They Help and You Need Them
Advance Directives in Texas: What They Are, How They Help and You Need ThemAdvance Directives in Texas: What They Are, How They Help and You Need Them
Advance Directives in Texas: What They Are, How They Help and You Need Them
 
Intestacy in Texas: Basic Questions and Answers
Intestacy in Texas: Basic Questions and AnswersIntestacy in Texas: Basic Questions and Answers
Intestacy in Texas: Basic Questions and Answers
 
What Is Estate Planning: Commonly Asked Questions and Answers
What Is Estate Planning: Commonly Asked Questions and AnswersWhat Is Estate Planning: Commonly Asked Questions and Answers
What Is Estate Planning: Commonly Asked Questions and Answers
 

Recently uploaded

HOW LAW FIRMS CAN SUPPORT MILITARY DIVORCE CASES
HOW LAW FIRMS CAN SUPPORT MILITARY DIVORCE CASESHOW LAW FIRMS CAN SUPPORT MILITARY DIVORCE CASES
HOW LAW FIRMS CAN SUPPORT MILITARY DIVORCE CASESMesnik Law Group,Inc.
 
Embed-6 (1).pdfc p;p;kdk[odk[drskpokpopo
Embed-6 (1).pdfc p;p;kdk[odk[drskpokpopoEmbed-6 (1).pdfc p;p;kdk[odk[drskpokpopo
Embed-6 (1).pdfc p;p;kdk[odk[drskpokpopobhavenpr
 
Sedition Offences against Property 20-5-2024.pptx
Sedition  Offences against Property 20-5-2024.pptxSedition  Offences against Property 20-5-2024.pptx
Sedition Offences against Property 20-5-2024.pptxRashmiPandey862734
 
IRDA role in Insurance sector in India .pptx
IRDA role in Insurance sector in India .pptxIRDA role in Insurance sector in India .pptx
IRDA role in Insurance sector in India .pptxShreyasVyas9
 
Streamline Legal Operations: A Guide to Paralegal Services
Streamline Legal Operations: A Guide to Paralegal ServicesStreamline Legal Operations: A Guide to Paralegal Services
Streamline Legal Operations: A Guide to Paralegal ServicesEternity Paralegal Services
 
Mergers and Acquisitions in Kenya - An explanation
Mergers and Acquisitions in Kenya - An explanationMergers and Acquisitions in Kenya - An explanation
Mergers and Acquisitions in Kenya - An explanationRovert3
 
dandan liu need to rot when she dies..pdf
dandan liu need to rot when she dies..pdfdandan liu need to rot when she dies..pdf
dandan liu need to rot when she dies..pdfbraydenstoch777
 
FAMILY LAW - Legacy Semester II .pptx
FAMILY    LAW - Legacy Semester II .pptxFAMILY    LAW - Legacy Semester II .pptx
FAMILY LAW - Legacy Semester II .pptxCADilipkumarMishra1
 
Does Apple Neurotechnology Patents Go To Far?
Does Apple  Neurotechnology Patents Go To Far?Does Apple  Neurotechnology Patents Go To Far?
Does Apple Neurotechnology Patents Go To Far?Graham Ware
 
(Hamad khadam ) ENGLISH LEGAL 2.0.docx
(Hamad khadam )   ENGLISH LEGAL 2.0.docx(Hamad khadam )   ENGLISH LEGAL 2.0.docx
(Hamad khadam ) ENGLISH LEGAL 2.0.docxlibiwo274
 
Embed-2-2.pdf[[app[r[prf[-rk;lme;[ed[prp[
Embed-2-2.pdf[[app[r[prf[-rk;lme;[ed[prp[Embed-2-2.pdf[[app[r[prf[-rk;lme;[ed[prp[
Embed-2-2.pdf[[app[r[prf[-rk;lme;[ed[prp[bhavenpr
 
Termination of Employees under the Labor Code.pptx
Termination of Employees under the Labor Code.pptxTermination of Employees under the Labor Code.pptx
Termination of Employees under the Labor Code.pptxBrV
 
Dandan Liu is the worst real estate agent on earth..pdf
Dandan Liu is the worst real estate agent on earth..pdfDandan Liu is the worst real estate agent on earth..pdf
Dandan Liu is the worst real estate agent on earth..pdfbraydenstoch777
 
How Can an Attorney Help With My Car Accident Claim?
How Can an Attorney Help With My Car Accident Claim?How Can an Attorney Help With My Car Accident Claim?
How Can an Attorney Help With My Car Accident Claim?Paisley Law LLC
 
Crime Detection/Prevention and Narco-Analysis Test
Crime Detection/Prevention and Narco-Analysis TestCrime Detection/Prevention and Narco-Analysis Test
Crime Detection/Prevention and Narco-Analysis TestAJAYPRATAPSINGHTOMAR2
 
Indian Partnership Act 1932, Rights and Duties of Partners
Indian Partnership Act 1932, Rights and Duties of PartnersIndian Partnership Act 1932, Rights and Duties of Partners
Indian Partnership Act 1932, Rights and Duties of Partnersshrishtijain1809
 
REVIVING OUR STAR GOD IMAGES FROM MARRYING OUR 4 HOLY LAWS OF STAR GODS
REVIVING OUR STAR GOD IMAGES FROM MARRYING OUR 4 HOLY LAWS OF STAR GODSREVIVING OUR STAR GOD IMAGES FROM MARRYING OUR 4 HOLY LAWS OF STAR GODS
REVIVING OUR STAR GOD IMAGES FROM MARRYING OUR 4 HOLY LAWS OF STAR GODSCheong Man Keong
 
CHP 5 OF OFFENCES AGAINST WOMEN AND CHILDREN.pptx
CHP 5 OF OFFENCES AGAINST WOMEN AND CHILDREN.pptxCHP 5 OF OFFENCES AGAINST WOMEN AND CHILDREN.pptx
CHP 5 OF OFFENCES AGAINST WOMEN AND CHILDREN.pptxRashmiPandey862734
 
Asif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[k
Asif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[kAsif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[k
Asif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[kbhavenpr
 

Recently uploaded (20)

HOW LAW FIRMS CAN SUPPORT MILITARY DIVORCE CASES
HOW LAW FIRMS CAN SUPPORT MILITARY DIVORCE CASESHOW LAW FIRMS CAN SUPPORT MILITARY DIVORCE CASES
HOW LAW FIRMS CAN SUPPORT MILITARY DIVORCE CASES
 
Embed-6 (1).pdfc p;p;kdk[odk[drskpokpopo
Embed-6 (1).pdfc p;p;kdk[odk[drskpokpopoEmbed-6 (1).pdfc p;p;kdk[odk[drskpokpopo
Embed-6 (1).pdfc p;p;kdk[odk[drskpokpopo
 
Sedition Offences against Property 20-5-2024.pptx
Sedition  Offences against Property 20-5-2024.pptxSedition  Offences against Property 20-5-2024.pptx
Sedition Offences against Property 20-5-2024.pptx
 
IRDA role in Insurance sector in India .pptx
IRDA role in Insurance sector in India .pptxIRDA role in Insurance sector in India .pptx
IRDA role in Insurance sector in India .pptx
 
Streamline Legal Operations: A Guide to Paralegal Services
Streamline Legal Operations: A Guide to Paralegal ServicesStreamline Legal Operations: A Guide to Paralegal Services
Streamline Legal Operations: A Guide to Paralegal Services
 
Mergers and Acquisitions in Kenya - An explanation
Mergers and Acquisitions in Kenya - An explanationMergers and Acquisitions in Kenya - An explanation
Mergers and Acquisitions in Kenya - An explanation
 
dandan liu need to rot when she dies..pdf
dandan liu need to rot when she dies..pdfdandan liu need to rot when she dies..pdf
dandan liu need to rot when she dies..pdf
 
FAMILY LAW - Legacy Semester II .pptx
FAMILY    LAW - Legacy Semester II .pptxFAMILY    LAW - Legacy Semester II .pptx
FAMILY LAW - Legacy Semester II .pptx
 
Does Apple Neurotechnology Patents Go To Far?
Does Apple  Neurotechnology Patents Go To Far?Does Apple  Neurotechnology Patents Go To Far?
Does Apple Neurotechnology Patents Go To Far?
 
Justice Advocates Legal Defence Firm
Justice Advocates Legal Defence FirmJustice Advocates Legal Defence Firm
Justice Advocates Legal Defence Firm
 
(Hamad khadam ) ENGLISH LEGAL 2.0.docx
(Hamad khadam )   ENGLISH LEGAL 2.0.docx(Hamad khadam )   ENGLISH LEGAL 2.0.docx
(Hamad khadam ) ENGLISH LEGAL 2.0.docx
 
Embed-2-2.pdf[[app[r[prf[-rk;lme;[ed[prp[
Embed-2-2.pdf[[app[r[prf[-rk;lme;[ed[prp[Embed-2-2.pdf[[app[r[prf[-rk;lme;[ed[prp[
Embed-2-2.pdf[[app[r[prf[-rk;lme;[ed[prp[
 
Termination of Employees under the Labor Code.pptx
Termination of Employees under the Labor Code.pptxTermination of Employees under the Labor Code.pptx
Termination of Employees under the Labor Code.pptx
 
Dandan Liu is the worst real estate agent on earth..pdf
Dandan Liu is the worst real estate agent on earth..pdfDandan Liu is the worst real estate agent on earth..pdf
Dandan Liu is the worst real estate agent on earth..pdf
 
How Can an Attorney Help With My Car Accident Claim?
How Can an Attorney Help With My Car Accident Claim?How Can an Attorney Help With My Car Accident Claim?
How Can an Attorney Help With My Car Accident Claim?
 
Crime Detection/Prevention and Narco-Analysis Test
Crime Detection/Prevention and Narco-Analysis TestCrime Detection/Prevention and Narco-Analysis Test
Crime Detection/Prevention and Narco-Analysis Test
 
Indian Partnership Act 1932, Rights and Duties of Partners
Indian Partnership Act 1932, Rights and Duties of PartnersIndian Partnership Act 1932, Rights and Duties of Partners
Indian Partnership Act 1932, Rights and Duties of Partners
 
REVIVING OUR STAR GOD IMAGES FROM MARRYING OUR 4 HOLY LAWS OF STAR GODS
REVIVING OUR STAR GOD IMAGES FROM MARRYING OUR 4 HOLY LAWS OF STAR GODSREVIVING OUR STAR GOD IMAGES FROM MARRYING OUR 4 HOLY LAWS OF STAR GODS
REVIVING OUR STAR GOD IMAGES FROM MARRYING OUR 4 HOLY LAWS OF STAR GODS
 
CHP 5 OF OFFENCES AGAINST WOMEN AND CHILDREN.pptx
CHP 5 OF OFFENCES AGAINST WOMEN AND CHILDREN.pptxCHP 5 OF OFFENCES AGAINST WOMEN AND CHILDREN.pptx
CHP 5 OF OFFENCES AGAINST WOMEN AND CHILDREN.pptx
 
Asif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[k
Asif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[kAsif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[k
Asif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[k
 

What is Nursing Home Asset Protection

  • 1. WHAT IS NURSING HOME ASSET PROTECTION? “There is another type of asset protection that impacts a majority of Americans. This would be nursing home asset protection. Why do you need to protect your assets from a nursing home? Read on to find the answer to this question.” THE VERMILLION LAW FIRM, LLC Texas Estate Planning Attorneys
  • 2. What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 2 The concept of asset protection can sound like something that would only apply to lawsuits. Indeed, there are asset protection strategies that can be implemented by people who are vulnerable to legal actions. However, there is another type of asset protection that impacts a majority of Americans. This would be nursing home asset protection. Why do you need to protect your assets from a nursing home? Read on to find the answer to this question.
  • 3. What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 3 MOST PEOPLE WILL NEED IT Everyone is aware of the fact that some senior citizens need help with their day-to-day needs, but you may be under the impression that you will not be among them when you attain senior status. In reality, the statistics tell a different tale. There is a very useful website that is maintained by the United States Department of Health and Human Services that is called longtermcare.gov. You should certainly explore the site if you want to become informed about the eventualities of aging. When you visit the site, you are greeted with this statistic: Seven out of every 10 seniors citizens who are turning 65 today will someday need long-term care. As you can see from this statistic, you should certainly prepare for this eventuality in advance. FINANCIAL IMPLICATIONS Wrapping your head around the concept of long-term care mentally is one thing, and it can be a significant thing. However, there is also the financial angle to consider. Most people will qualify for Medicare coverage when they reach the age of 65. This program will help with things that are covered, but Medicare does not pay for long-term care.
  • 4. What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 4 When you consider the fact that most people will need long-term care, and Medicare won't pay for it, you may start to pay attention. The attention may become more profound when you gain an understanding of the state of long-term care costs in the United States. We practice law in the greater Dallas area. Genworth Financial has done some great work keeping a finger on the pulse of the long-term care costs around the country. According to their survey, the median annual charge for a private room in a Dallas area nursing home is $78,475 in 2015. A government survey was done a while back, and it found that the average length of stay for someone in a nursing home is around two years and three months. Approximately 10 percent of people in nursing homes require the care for at least five years. When you combine the statistics, a typical stay in a Dallas area nursing home could cost close to $200,000 under the currently existing dynamic, and costs have been rising. NURSING HOME ASSET PROTECTION When you digest this background information, you can clearly see why nursing home asset protection is something that should be on your radar. For most people, the solution is the Medicaid program. This program does pay for long- term care.
  • 5. What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 5 You are probably aware of the fact that Medicaid is a government program that is in place to provide health insurance for people with financial need. Because it is a need-based program, there is a $2000 limit on countable assets. To qualify, you could give gifts to your loved ones before you apply. You would in a real sense be giving them their inheritances in advance, because to put it bluntly, the nursing home would be your last stop. This takes careful planning, because you have to complete the gift giving at least five years before you submit your application if you want to obtain coverage in a timely manner. CONCLUSION There are three profound realities that you should take away from this paper: Most people will need long-term care, it is very expensive, and Medicare will not cover it. These are the reasons why Medicaid asset protection is important. If you can qualify for Medicaid, a program that does pay for long-term care, you can get the care that you need as you keep assets in your family. To explore nursing home asset protection strategies, contact an elder law attorney. REFERENCES United States Department of Health and Human Services www.longtermcare.gov Genworth Financial https://www.genworth.com/corporate/about-genworth/industry-expertise/cost- of-care.html
  • 6. What Is Nursing Home Asset Protection? www.vermillionlawfirm.com 6 About the Author John R. Vermillion John R. Vermillion works as an estate planning and probate attorney and is licensed to practice in Texas, Louisiana, Oklahoma, and Tennessee. A native Texan, he graduated from Texas Christian University in 1974 receiving a Bachelor of Arts Degree in Political Science. In 1977, he received his Juris Doctor degree from the Louisiana State University Law School. Upon graduation from law school, Mr. Vermillion worked extensively as a corporate attorney in the fields of oil and gas exploration and production, real estate development, finance and estate planning. He served for many years as corporate counsel and Vice President of a private independent oil and gas company. Mr. Vermillion is a member of the State Bar of Texas, the Dallas Bar Association, the Louisiana State Bar Association, the Oklahoma Bar Association, and the Tennessee Bar Association. He is a member of the American Academy of Estate Planning Attorneys and the National Academy of Elder Law Attorneys. Also active in his community, he currently serves as a director for the Charles Coody Classic Golf Tournament which benefits Catholic Charities of Fort Worth, Texas. A member of the French-American Chamber of Commerce, Louisiana Chapter, Mr. Vermillion pursues their goal of promoting and developing commercial and financial relations between France and the United States. In addition, he serves on the TCU Dallas Alumni Board and sponsors the Dallas area NAMI Walkathon (National Alliance for Mental Illness). Coming from a family of entrepreneurs, Mr. Vermillion has owned and operated his own businesses, including an historic inn. His experience has given him a hands-on understanding of the legal and practical issues facing his clients and their estate planning needs. The Vermillion Law Firm, LLC www.vermillionlawfirm.com 7616 LBJ Freeway #120 Dallas, TX 75251 Phone: (972) 386-4560 Toll Free: (888) 567-574