Medicaid Planning and Elder Law

 

It is something nobody wants to think about, but the reality is that either you or your spouse — or both of you — may require long-term or nursing home care one day.

Life expectancy has more than doubled since the turn of the century. If you make it to 65, chances are you're going to live to 81 if you are a man and to 84 if you are a woman. As a result, nearly one of every two women and one in four men will find themselves in a nursing home sometime in their lives. Unfortunately, Medicare will not pay for it. With the costs averaging at least $5,000 per month, many families will run out of money within the first year when faced with a prolonged nursing home stay. However, there is another option — you can plan to qualify for Medicaid.

Most people think they have to "spend down" or give up most, if not all, of their assets before the federal-state Medicaid program will cover their nursing home expenses. Without a plan, you may be leaving your spouse destitute, unable to properly care for their needs. With solid planning, this does not have to be your fate. Professionals at the Morton Law Firm can show you legal techniques and strategies that will allow you to be covered by Medicaid and still keep your home and many of your assets, without giving all of your assets away to family members or other loved ones. The laws governing Medicaid planning are always changing, and some strategies that were once allowed are no longer available. Also, many of the currently available techniques require the passage of time before all assets are fully protected. Accordingly, you should not delay exploring these options if this type of planning seems appropriate to your situation.



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