Paying For Long-Term Nursing Care
As we age, most of us are aware that we could develop a serious or chronic medical condition requiring skilled nursing care every day. We hope to live independently forever, and if we can’t do that, we hope we can continue to live with our loved ones. At the same time, we do not want to be a financial or emotional burden to our families, so we may ultimately move into a nursing home or a long-term care facility.
Skilled nursing care is expensive, especially in a residential facility, and ordinary medical insurance does not pay for it. Long-term care insurance is an option, but there are a number of issues to consider before you buy a policy. So, if you end up needing long-term, daily nursing services, how will you pay for it?
Smart Estate Planning Can Make A Difference If Done Early
Having the money you need if you need long-term nursing care depends on more than your income and savings. It also depends on taking active steps now. A sound estate plan is an excellent place to start — but do not be fooled by the latest passing trends. So-called “Medicaid planning” services may be entirely legitimate, but they cannot provide any magical solutions to your long-term care needs.
At Huckabee, Weiler, & Levengood, P.C., we won’t rely on gimmicks or trends to protect your future. We will work closely with you to fully understand your situation and your goals, and only then will we recommend an estate planning solution to meet those goals. Each of our partners has more than 30 years of professional experience, and we understand every aspect of trusts and estate law. Contact us today to learn more.
You may have heard that putting your assets into a living trust will keep the Medicaid program from taking them into account when determining your eligibility for the program. In fact, a revocable living trust will not have that effect.
Since Medicaid is intended as a program for the poor, the rules for eligibility are extremely strict. Medicaid can even look back into your last five years of financial transactions to spot any large gifts or suspicious activity.
A lawyer from Huckabee, Weiler, & Levengood, P.C., might very well recommend a revocable or irrevocable living trust, based on your specific situation. On the other hand, we may recommend other strategies to pay for long-term nursing care without impoverishing yourself or your family, such as:
- Adding certain terms to your will
- Creating a pour-over will
- Setting up a 529 plan
- Developing a lifetime gifting plan
- Creating other types of trusts
Plan For Nursing Care The Right Way: Contact Us Now
Cut through the hype and discuss your situation with an attorney from Huckabee, Weiler, & Levengood, P.C. We have decades of experience and practical knowledge about estate planning, gifting and probate to put at your disposal, and we are committed to providing you with exceptional service. Contact us through this email form or call our Wyomissing office toll free at 888-434-9531.