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5 Myths of Protecting Your Assets from Nursing Home Spend Down
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Learn more about important factors to consider when moving into residency at a nursing home. We can help you make informed decisions to help you stay on track to reach your financial goals.
Are you or a loved one considering a nursing home? It's a big decision and one that shouldn't be taken lightly. This informative guide covers five myths you might have read or heard about while you face this big life change. We are here to help you develop a strategy for preserving and protecting your assets and serve as a resource to help navigate the complex world of nursing homes, assisted living and in-home care.
- Myth 1: You can't protect assets after someone is in a nursing home.
- Myth 2: If you don't start planning at least five years before someone is in a nursing home, you can’t protect anything.
- Myth 3: The nursing home will take your home.
- Myth 4: Gifts under $15,000 per person per year are taxable to your children or grandchildren.
- Myth 5: If your spouse goes into a nursing home your IRA or 401(k) is protected from spend down.
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Advisory Services offered through Change Path, LLC an Investment Advisor. Preferred Planning Services and Change Path, LLC are not affiliated.
By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Federal and State Medicaid laws are complex and subject to frequent changes; we recommend you consult with a qualified attorney who is knowledgeable about the relevant laws in your State in order to determine what an appropriate strategy is for you.