 Seniors have unique legal needs that are best served by an attorney with extensive knowledge and experience in the field of elder law. Elder law encompasses a range of issues of importance to seniors, including estate planning, Medicaid planning, guardianship, and estate administration and litigation. Medicaid Planning
Financial planning for seniors is complicated by the potential need for long-term care. The need for a nursing home stay is unpredictable. No one knows when and if they or a loved one will need it, and if the need does arise, care can be very expensive. The Kaiser Family Foundation reports that 1 in 3 people turning 65 will need care at a skilled nursing facility at some point in their lives. Medicare does not cover long-term stays in nursing facilities. Some families have the resources to pay for nursing home costs out of pocket, and others invest in long-term care insurance. However, 6 in 10 nursing home residents are covered by Medicaid. Unlike Medicare, Medicaid is a need-based program, which means that certain income and resource limits must be met in order to be eligible. This often means that families must spend down their own resources on nursing home costs before they can qualify for Medicaid. However, it is possible to be eligible for the program and still preserve your family’s assets. This is where Medicaid planning comes in. Medicaid Considerations and Long-term Care Simply transferring resources to family members and then applying for Medicaid is not the way to go. The program has a “look-back” period of five years before the application date and transferring assets for less than market value during that period will result in a period of ineligibility. However, it is possible to protect your family’s assets while qualifying for the program. Medicaid’s financial regulations are complicated, but attorney Bob Michaels has years of experience helping folks just like you navigate the process involved in Medicaid planning. At Tacoma Elder Care we welcome the opportunity to learn more about your needs and share our strategies to safeguard your family’s wealth. When it comes to long-term care, ‘planning ahead’ can make the difference in preserving significant assets for your family while qualifying for the Medicaid benefits that most families rely on for nursing home care. Tacoma Elder Care can help you build a plan that meets your family’s unique needs. We start by helping you think about critical factors such as your health, your finances and your objectives. We know it’s important to strategize a plan for retirement that allows you to leave a legacy for your heirs with the potential need for long-term care built in. We also work with Sound Options. Sound Options is dedicated to improving the lives of everyone they work with, by providing compassionate senior care. With an integrated approach and an uncompromising attention to detail, the Sound Options team is comprised of experts in their field who bring unparalleled knowledge, training, and compassion to the realm of eldercare planning. You can learn more about about Sound Options HERE. We highly recommend you attend one of our FREE elder care Workshops to learn more about how to plan for long-term care and how to qualify for Medicaid. You can register for one of our Workshops HERE. Or contact us HERE to schedule a free consultation.
0 Comments
Leave a Reply. |
