Elder Law: Protection and Preservation of Assets
Did you know that long term care costs are the biggest threat to seniors’ financial security? Whether long term care is provided in the home or through an adult family home or other facilities like a nursing home or assisted living facility, long term care is expensive. It doesn’t take long for the costs of long term care to deplete a family’s finances when the costs associated with quality long term care often exceed $100,000 per year.
If an individual or family is unable to cover the costs of long term care through private insurance or their own personal or family wealth, they generally turn to public benefits. Medicaid is the primary government benefit program that offers assistance with long term care costs. If you need to qualify for Medicaid benefits without going broke in the process, it’s imperative that you employ effective Medicaid planning strategies.
The laws associated with Medicaid and Medicaid eligibility are complicated and seem to be constantly changing. That’s why so many find it not only advantageous but vital to work with an experienced Medicaid planning attorney to implement asset preservation strategies designed to help you preserve your assets without damaging your chances of fulfilling Medicaid eligibility requirements.
- Ask about the spend-down strategy.
- Request help understanding Medicaid benefits.
- Request information on any available Veterans Affairs benefits.
- Create the estate planning documentation that is necessary to qualify for long term care benefits.
- Ask about how you can avoid the State’s lien on assets for Medicaid benefits.
No matter what your asset level, the state of your health, or your long term care needs, it is not too late to adopt an effective strategy to seek quality care and preserve your assets. If you or a loved one need to discuss Medicaid asset preservation planning, we’re here to help. Get in touch with an experienced Medicaid planning attorney at Elder Solutions Law Firm today.