Is there a way to protect the equity in our home and business equipment in case Spouse enters nursing home. In Illinois.
Lawsuit / Dispute Attorney
You will have to meet the look back requirements for assets going into a trust. So do this when both you and your spouse are healthy as part of your estate planning process. A trust can be established so that after a number of many many months the assets are beyond the reach of anyone besides family members.
This is a very specific area of the law that changes often, so get a skilled elder law lawyer to assist you right away. Do not wait.
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No one online can know what is going on in your matter because online we cannot find out any details. You need a lawyer. Check with a lawyer in your locale to discuss more of the details.
Good luck to you.
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Elder Law Attorney
There are a number of ways that assets such as those you have listed can be protected. For example, it is possible that the equipment may fall into the income producing asset category. You also have community spouse rights that are available to you. However, with the limited amount of information it is not possible to really give you any kind of a complete answer.
You best bet if there is a real concern that your spouse may need nursing home care is to meet with an elder law attorney. You can probably find one in your area by looking on the National Academy of Elder Law Attorneys website.