Protecting family assets

[familyman99]

My wife is being placed in a nursing home for a short time due to health reasons. My insurance covers the nursing home, however, a neighbor told me that, his nursing home costs were only covered for a few months. After that, he was forced to use his life savings to keep his wife in the home.

My question is this.

I will be checking to be sure the insurance will cover a prolonged stay, and I have signed up for homesteading (more than 6 years ago), but how can I make sure that they can't take my house to pay for any future medical costs.

This nursing home stay may be for a short duration, but in the next years, the stays could be longer and I don't want to loose my home. Is it best to sell my home to my children? or is there something else I can do?

Also, what problems would this cause my children if I were to sell it to them? I know that they would have to pay the yearly taxes. but are there any additional concerns I should be aware of?

Thank you

 

[ELNbluemax2]

As I understand it, in Ohio, a spouse can keep the house, car and
$87,000 and still go on Medicaid, if necessary. I, personally, don't think selling your home to a child would be in your best interest.
Good luck.