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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 37830
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I have a question about paying for nursing home care. I am

Customer Question

I have a question about paying for nursing home care. I am 73, income is 3100. per month. What happens if I run out of savings?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Okla
JA: Has anything been filed or reported?
Customer: No I am still in good health,but concerned about future
JA: Anything else you want the lawyer to know before I connect you?
Customer: I have some savings probably enough for 24 months assuming nursing home is about 6000 /month
Submitted: 4 months ago.
Category: Legal
Expert:  Barrister replied 4 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses, but rest assured, I am working on your question. The website may offer a phone call option, but it is optional.

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Once you spend your own assets down to the $2000 level so that is all you have left, you can apply for Medicaid to kick in and pay for any long term care costs on your behalf.

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But if you wanted to protect your assets from having to be spent down on your own care, if you get them out of your name at least 5 years before you need long term care, then they would be exempt and you could leave them to your family or friends as gifts.

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So if you took all your assets and put them into an irrevocable trust today, and 5 years and a day from now you needed to go into long term care, Medicaid would pay for all of it and those assets would be protected in the trust to go to whoever you named as beneficiaries..

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thanks

Barrister