Long-term care planning and protecting assets is an important aspect of elder law. There are several options available to help preserve assets while still allowing an individual to qualify for Medicaid to pay for long-term care.
One option is Medicaid planning, which can be done through the use of trusts, such as a Medicaid trust. This can protect assets from being spent down on long-term care costs. It’s important to note that there are certain time limits and rules that must be followed in order to qualify for Medicaid, so it is best to start planning in advance. Additionally, long-term care insurance, veteran benefits, and other ways to pay for long-term care can also be considered.
Another important aspect of long-term care planning is to understand the different types of care options available, such as in-home care, assisted living, and nursing homes. An elder law attorney can provide guidance on the benefits and drawbacks of each option, and help you make an informed decision that is right for you and your family.
Finally, an elder law attorney can also help you prepare the necessary legal documents, such as advance directives, that will ensure your wishes are followed in the event that you become incapacitated and unable to make decisions for yourself. This can provide you and your family peace of mind knowing that your affairs are in order and that you will be taken care of according to your wishes.
A FEE-ONLY professional can help you understand changes in elder law and advise you on how to protect your legacy. The ElderLawAdviser.com’s network of FEE-ONLY financial advisers, CPAs and attorneys can help you review your will to protect your legacy and achieve your wishes. Simply Click Here to connect with a FEE-ONLY professional. Alternatively, visit 1800ADVISER.COM to browse biographies of individual advisers and choose one or more to connect with.