Setting Up Trusts and Alternative Financing for Nursing Home Costs

Understanding the financial tools and strategies available for nursing home costs can provide peace of mind and secure care options. Trusts, reverse mortgages, and other financial instruments can play a pivotal role in planning for long-term care.

Setting Up a Trust for Nursing Home Care

A trust is a legal entity that can be established to manage your assets and provide for nursing home costs. There are various types of trusts, each with its own advantages and considerations.

Role of Elder Law Attorneys

Elder law attorneys specialize in issues affecting the elderly, including planning for nursing home costs. They can assist with setting up trusts, wills, and other legal documents. Connect with a professional through our For Providers network.

Using Reverse Mortgages for Senior Care Funding

Reverse mortgages allow seniors to convert part of the equity in their homes into cash, which can be used for nursing home care without having to sell the home. Learn more about how this option can fit into your financial planning on our Cost Information page.

Community and State Aid Programs

Many communities and states offer aid programs to help cover the costs of nursing home care. These can be an excellent resource for those with limited assets or income. Check your eligibility on our Medicare vs. Medicaid page.

Cost-Saving Strategies

There are several strategies that can help save on nursing home costs, such as choosing the right facility, negotiating rates, and understanding all available funding options. Discover cost-saving tips and techniques in our Choosing an Affordable Nursing Home section.