Putting your loved one into a nursing home is one of the most difficult decisions that you may ever be confronted with. This situation can be both emotionally and financially draining. At Elder Law Planning, we pride ourselves on helping our clients navigate through these decisions by developing plans that will maximize the quality of life and personal independence of the person entering the nursing home, while preserving their estate for their spouse and children.

Nursing home costs in Illinois are between $200 and $300 per day1. With the most recent government study available showing an average length of stay to be 835 days2, nursing home bills often approach $200,000 or greater. Unfortunately, many elderly end up depleting their hard earned, lifetime-savings on their nursing home care, only to apply for state assistance through the Medicaid program after their assets have been used up. In the end, this leaves the elderly person and their spouse dependent on state aid and their children without the inheritance they intended to provide them.

However, there is an alternative to this method—an alternative that gives the elderly person the power of financial control and flexibility, while preserving their savings for themselves and their family. Using a variety of proven tools and techniques, Elder Law Planning can help you avoid the heartache of throwing away one’s life-savings and their children’s inheritances on nursing home bills. We partner with experienced financial planners and accountants to provide you with sophisticated solutions that are legally and financially sound in every possible way.

1. The 2009 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs, MetLife Mature Market Institute, October 2009. Accessible at http://www.metlife.com/assets/cao/mmi/publications/studies/mmi-market-survey-nursing-home-assisted-living.pdf

2. The National Nursing Home Survey: 2004 Overview, U.S. Department of Health and Humans Services, June 2009. Accessible at http://www.cdc.gov/nchs/data/series/sr_13/sr13_167.pdf

 

 

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Rollingwood Professional Center, 621 Rollingwood Drive, Shorewood, IL 60404
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