According to the U.S. Department of Health and Human Services, most people over 65 will eventually need help with daily living tasks, such as bathing, eating or dressing. Men will need assistance for an average of 2.2 years, while women will need it for 3.7 years. What’s more, the cost of such care is climbing rapidly:
· The median annual cost of a private room is now over $100,000
· Four out of 10 will opt for paid care at home, with an annual cost of over $50,000
· Overall, half of people over 65 will incur long-term care costs, and 15% will incur more than $250,000 in costs
Many people believe their only option is to sell their home to pay these expenses, ultimately leaving no, or little, inheritance to their children. But here’s some good news… your homestead property is exempt when qualifying for government assistance in Florida.
That’s right, as long as you state your intention to return to your home, you won’t be disqualified from receiving long-term care benefits in Florida just because you have a home that’s paid off or has significant equity. Alternatively, if you sell your home, the proceeds must be spent down before you qualify, leaving nothing for your family when you’re gone.
There are also other legal ways to protect what you’ve saved for your family and still qualify for long-term care benefits, such as caregiver agreements and Medicaid planned trusts. Contact me if I can help you and your family make educated decisions about these important issues. You can reach me at (813) 244-7758 or Ross@RossSpanoLaw.com.