How does my dad protect his money when mom goes to the nursing home?

thepartydj: How does my dad protect his money when mom goes to the nursing home?
My mom is only 54 and she is going to be heading to the nursing home very soon because of bad health reasons that have been going on for a long time. Dad lives on the farm that is all paid off. Mom is already on medicare. Is there any way we can protect the farm and $ from the nursing home getting all the money and the farm?

Answers and Views:

Answer by Zarnev
The only way to fully protect the money and the farm is the purchase a long term care policy. However, since your mom is already needing the coverage it is much too late. The time to purchase any policy is before you need it; not afterwards.

Be aware that Medicare doesn’t pay for custodial care. Medicaid will after assets are used up.

You’ll need to contact an estate attorney for assistance on how to protect the remaining assets. Be aware that the state will place a lien on the farm but it will continue to be owned by your dad until his death. However, depending upon the size of the farm and the current usage the state may require a portion of the farm to be sold off sooner. The amount of assets that can be protected will depend highly on the state regulations which is why the need for the attorney. You will not find the full answers on this website.

Answer by Flower
I assume you are asking because Mom is on Medicaid for the nursing home. Medicaid does place a levy on the estate when the patient dies but not if there is a surviving spouse. Medicaid does not place a lien on your home until patient’s spouse has died. But this rule applies to someone who uses Medicaid after the age of 55. I really dont know how it works for someone who begins on Medicaid prior to age 55. At least that is how it works in my state.

If Mom is not getting Medicaid, then how do you plan to pay for nursing home? Medicare does not cover long term residential care.