It can be easy to feel like your future care needs have nothing to do with your present way of life. Many people assume that putting aside part of their savings or having trustworthy relatives to rely on will protect them in their elderly years, but that’s simply not the case.
Modern costs for nursing homes can easily sit in the five-figure range, even for modest accommodations. The Administration for Community Living estimates that an adult entering their mid-60s today has almost a 70% chance of needing long-term care services of some sort during their life. Discover the crucial steps you need to take to qualify for Medicaid without forfeiting your legacy or your family’s assets when you contact Elder Law Lawyers about nursing home planning.
Cover the Cost of Nursing Home Care in Lexington, KY
The best time to start planning for nursing home care is yesterday, but the second best time is today. Make the most of your working years and your income by setting aside funds for late-in-life expenses that will cover more than your daily needs and fun activities. Determine the best plan to suit your circumstances when you book a consultation with our elder law attorneys.
Fully Prepare for Medicaid Coverage
Proper planning can reduce and sometimes eliminate the expense of nursing care altogether. The primary fear of “Medicaid taking my house” can be alleviated by creating a thorough plan in advance. In some cases, even in crisis, there are planning techniques that will preserve much, if not all, of the family resources against the cost of nursing home care.
Other counseling can be valuable for dealing with long-term care expenses. Some points of guidance include:
Contact Elder Law Lawyers for resources and guidance when it comes to assessing these matters and diving into your nursing home planning process.
Your Long-Term Care FAQs
One of the best ways to avoid losing your home when trying to pay for late-in-life care is to use an irrevocable trust. This can benefit you and your loved ones in multiple ways, including tax benefits. Contact our office today to book your personal consultation and learn more.
It’s not too late to take action. Even in stressful situations, there’s usually something that can be done to preserve your family’s assets.
There are many types of long-term care designed to suit a variety of needs, budgets, and lifestyles, including:
- Assisted living facility
- In-home nursing care
- Continuing care retirement communities
- Adult care homes
- Family care homes
- Nursing homes
Contact Elder Law Lawyers today to put legal protections in place that will meet your late-in-life needs and alleviate the financial burden from your family’s shoulders.
Medicare helps with short-term medical costs, but Medicaid will provide financial support to cover assisted living services. However, after the care recipient has passed away, Medicaid will seek to recover their expenses—which could cost your family valuable assets such as a home. Speak to our elder law legal team today to create a structured plan that prevents this type of loss.
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Access more resources and discover crucial information, such as where Medicaid matches the long-term care insurance payments to double the amount of payments. Our experienced elder law attorneys are here to provide personalized services that meet your unique needs.
We all inevitably need help as we age—be prepared for any type of support by putting the right trusts and asset protections in place. Contact Elder Law Lawyers today to request your personalized consultation and start feeling confident about your golden years.