Elder Care Planning

With the average age of the population on the rise, the need for nursing home care is increasing as well. Many of our clients inform us that they are paying nursing home costs at or in excess of $7,000 per month, or $84,000 per year! Without proper planning, this type of care may place burden on an entire family and result in inadequate or improper placement.

Long Term Nursing Care (LTC insurance) solutions

There are options to preserve your assets from the nursing home such as Long-term Nursing expenses.  Some clients chose to purchase long term nursing care policies to transfer the risk and cost to the insurance cost that will pay for assisted living, home health care, and long term nursing care.  Other clients chose to purchase wealth transfer – life insurance with long term nursing care benefits.  They are able to preserve their assets from the nursing home and if they do not ever need to use the long term care benefit, they are able to transfer additional assets to their spouse and children income tax-free.

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Planning for Medicaid and “Medicaid Spend down”

Medicaid does cover the cost of a nursing home stay. However, this does not happen until you have “spent down” your estate. That is, you have used all available money in order to cover your costs. Our partner attorneys can help you understand how to structure your estate so that as much of your assets are preserved and can be used how you need them, not according to how the government thinks you should use them

The costs of nursing home care for an elderly family member can quickly drain his or her financial resources. Most people will spend about $75,000 per year to pay for nursing home care. Through proper Medicaid planning, our partner attorneys can help you preserve your financial assets, while remaining eligible for Medicaid.

Elder Care Planning Resources

If you are looking to begin the process of planning for potential future nursing home care, turn to our partner attorneys. We partner with a team of qualified attorneys that are committed to helping clients comprehensively plan their estates and take steps toward providing for their care in the future.

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