Hablamos Español

Protecting Your Loved One’s Assets From Nursing Home Costs

Protecting Your Loved One’s Assets From Nursing Home Costs in Florida

Sadly many have to cope with the decision to put an elderly loved one in a nursing home – a spouse, a parent, a family member. If you believe your elderly loved one may need nursing home care, it is important to know and understand the legal options available and make a plan for high-priced nursing home costs. The last thing your family member wants their hard-earned savings and assets to be drained by costly nursing home fees.

How a Florida Elder Law Attorney Can Protect Your Loved One’s Assets from Nursing Home Costs

Siegel Law Group founder, Elder Law Attorney Barry Siegel, wrote a guide for the sandwich generation: those who are raising children while caring for elderly parents. Caught in The Middle: Juggling Your Elderly Parents’ Affairs While Raising Your Own Family is a resource for those who have elderly parents and loved ones they are helping take care of while raising their own children. Many individuals who are caught in the middle are looking for solutions when a nursing home is necessary to provide medical care and to give them Peace Of Mind.

“A skilled Elder Law Attorney can help your loved one structure their assets in a way that shields them from the potentially ruinous costs of nursing homes. Options like creating a Medicaid-compliant annuity, an irrevocable trust, or a life estate can protect their money and property while ensuring they still have access to the care they need.” 

Barry Siegel, Esq: Medicaid Planning and Elder Law Attorney
Author: Caught In The Middle
: Juggling Your Elderly Parents’ Affairs While Raising Your Own Family
schedule a free consultation

Don’t Let Nursing Home Costs Wipe Out Your Life Savings

A survey conducted by Genworth showed that the median cost for nursing homes across the United States in 2021 was almost $8,000 for a semi-private room and a little over $9,000 for a private room each month. This means that individuals who live in nursing homes pay around $100,000 or more annually. Unfortunately, these costs are expected to continue to rise over the next few years with no signs of stopping.

Every year your family member lives in a nursing home, their estate and assets diminish. Eventually, what they worked hard for and planned to leave behind to their loved ones may start to disappear, which can be extremely frustrating to them. Therefore, ensuring that your loved one’s assets are protected from nursing home costs as soon as possible is crucial.

A semi-private room in a Florida nursing home costs more than $12,000 per month.
Can you afford that?

5 Ways to Protect Your Assets From Nursing Home Costs

There are various ways that a Medicaid Planning and Elder Law Attorney can protect your loved one’s assets from exorbitant nursing home costs. Here are five options to protect assets from nursing home costs:

  1. Get long-term care insurance:
    You may want to inform your aging parent or family member about long-term care insurance. It is a type of insurance that is essential to those who need it later on in life when they become elderly. Most insurance companies provide this insurance with regular insurance plans, meaning that you simply pay your monthly premiums, and your benefits will be available to you if you ever need them. Policyholders who invest in long-term care insurance will never need to worry about using their assets to pay their nursing home costs. As a result, their savings, assets, and property can still be left behind by loved ones or used for other important matters. While premiums can be costly, they are not as costly as nursing home fees.
  2. Consider purchasing a Medicaid-compliant annuity:
    If you are thinking about placing your elderly parent, grandparent, or any other loved one in a nursing home facility, they may want to consider purchasing a Medicaid-compliant annuity, which typically will cover all their nursing home costs. Unfortunately, it can be very difficult to qualify for a Medicaid-compliant annuity as Medicaid is typically for individuals with low income who do not own much. However, your loved one may think it is worth spending some of their assets to reduce the amount they own to get the top care they need. It is something to think about and discuss with your elderly family member. You give a lump sum to an annuity provider, and they return it to you through several different payments. This can reduce the amount of money and assets that you have that Medicaid looks at when determining if your elderly loved one is eligible for coverage.
  3. Start a Trust and put your assets in it:
    A trust is another wonderful way to protect your elderly loved one’s assets. If you have never heard of a trust or are unfamiliar with it, it is a legal contract explaining who your trustees are. A trustee is a person who holds your assets and property for your beneficiaries. If you have an elderly parent, they may be able to create a Trust and list you as their trustee, ensuring that you are appointed to handle their assets for them.
  4. Get an early start on giving financial gifts:
    If your family members planned to give part of their assets to certain people when they passed away, they can get a head start and give some now. This will ensure their hard-earned assets go to the correct person before nursing home expenses take over.
  5. Contact a Medicaid Planning and Elder Law Attorney to discuss your legal options:
    Deciding to put your loved one in a nursing home is one of the hardest decisions someone can make. It is not only stressful to trust a facility to take care of them every day, but it can also be overwhelming trying to determine how to pay for the expensive nursing home fees. However, a Medicaid Planning and Elder Law Attorney is experienced, skilled, and knowledgeable about these types of situations, and they can provide excellent recommendations on what you should do to ensure that your elderly family member does not end up broke or lose their valuable assets.

Florida Courts ruled that Medicaid Planning activities can only be
performed by an attorney licensed by the Florida Bar

schedule a free consultation

Call THE South Florida Medicaid Planning and Elder Law Attorneys – The Siegel Law Group

At The Siegel Law Group, we protect individuals’ assets from nursing home expenses. Our experienced Medicaid Planning Attorneys can help you qualify for Medicaid benefits and protect your assets from being exhausted to pay for your care.

Boca Raton Attorney Barry Siegel’s New Book Is A Guide for The Sandwich Generation: Caught In The Middle raising a family while caring for aging parents

Our South Florida Elder Law Attorneys are qualified professionals ready and available to assist you during these tough times. We will answer any questions and concerns you may have and provide the best advice possible regarding your unique and personal situation. 


Call our office at (561) 576-6206 to schedule a complimentary consultation or submit our online contact form to schedule a consultation today. If you have any questions, do not hesitate to contact us.

Subscribe to our newsletter

Medicaid Planning Attorney | Boca Raton, FL | Call 561-955-8515

Now is the time.

Protect yourself and those you love.

At the Siegel Law Group, we help South Florida families, seniors, and their loved ones prepare for the future.

Whether you need to create or update your estate plan, are preparing for long-term care, have a loved one entering or in a nursing home, or need to develop a strategy for your business, we are here to assist you.

Take your first step by contacting us for a complimentary consultation today.

Estate Planning Checklist | Boca Raton, FL | Call 561-955-8515

Before you go…

7 Steps to Make Sure Your Estate Plan is in Order

Make smart choices to protect your loved ones. Download our FREE guide.
Skip to content