Nursing Home Costs & Protecting Your Assets

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Watertown attorney Anthony Marrone appeared on 7 News at Noon on Monday to discuss the cost of nursing home care and steps to take to protect your assets.

He says half of all Americans over the age of 55 will spend time in a nursing home.

The average cost of nursing home care is $10,000 per month in northern New York.

Medicare only pays for the first 100 days in a nursing home at the most

The average stay in a nursing home is 2.5 years, or 8.5 years for individuals suffering from Parkinson's or Alzheimer's.

For most people who cannot afford to privately pay after Medicare runs out, they must qualify for Medicaid which is a means-tested program

To qualify for Medicaid you can only own so many assets and for most people the major issue is that Medicaid can put a lien on your home or other property.

Marrone says he create Medicaid Qualifying Trusts for real estate and other assets in order to protect them from Medicaid liens.

He says this planning is time-sensitive and needs to be done 5 years before entrance into the nursing home to be totally successful.

Click on the picture to watch Marrone's interview.

Thursday, September 18, 2014
, Watertown, NY

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