PROTECTING YOU AND YOUR FAMILY'S FUTURE BY PLANNING TODAY
PROTECTING YOU AND YOUR FAMILY'S FUTURE BY PLANNING TODAY
People are living longer than ever, and as a result more people are requiring long-term care at some point in their lives. This varies from getting help in the home to needing a nursing home. Home care costs can easily exceed $10,000 a month, and nursing home costs can exceed $20,000 a month. By planning in advance, we can ensure that you or your loved ones are taken care of without having to spend everything on care.
Medicaid Planning
Medicaid planning is the legal process of arranging your assets so that you will qualify for Medicaid benefits to cover the costs of long term care needs (nursing home care, home care, assisted living) without having to spend down all of your assets. Early planning is key but it is never too late to take action to protect your hard earned assets.
Asset Protection
Asset protection planning for older adults focuses on protecting assets from the high costs of long-term care, such as nursing home care, home care and assisted living costs. This can be accomplished by moving funds, real estate and other assets into an irrevocable trust. However, asset protection planning only works before you have incurred a debt to a creditor, such as a healthcare facility or provider. In most cases, assets must be transferred to an irrevocable living trust 5 years in advance. Accordingly, early planning is key.
Advanced Directives
An advance directive is a legal document where you set forth your wishes regarding your medical and financial decisions and where you appoint agents to carry out those wishes. Advance Directives consist of three legal documents: Power of Attorney, Health Care Proxy, and Living Will.
The Health Care Proxy and Living Will tell your medical providers, your caregivers, and your loved ones the type of care you would like to receive if you are no longer able to do so. The Power of Attorney tells financial institutions what you authorize your agent to do on your behalf. These powerful legal documents will ensure your wishes are carried out to your specifications.
Protecting Your Family Home
If your family is like most, the family home may be your largest asset. However, even the largest and nicest home can fall victim to the rising costs of healthcare. So how can you best protect your home while achieving other planning objectives? Whether you choose an outright transfer, a life estate, or an irrevocable trust, all options should be carefully explored with an experienced elder law attorney in your state.
Reach out to us today for a free consultation to discuss your elder law and long-term care needs!
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.