Often, long-term skilled nursing care is needed as the years pass. When one becomes disabled, or just older, many times proper medical care cannot be provided at home. As we all know, nursing homes are expensive, so many people automatically assume they will have to break the bank. Unfortunately, families are often told to spend down assets in order to qualify for Medicaid to help with the costs. With the help of a skilled estate planning attorney, assets can be maintained and protected when certain procedures are followed.
Medicaid is complicated and has complex, difficult to understand laws. If an application is not properly completed, you could lose your assets. With the proper guidance of an elder law attorney, all of the options can be discussed and you can come up with a plan that prevents the loss of all your possessions. Whether you choose to purchase or retain property designed to produce income, set up a special needs trust, set up annuities for married couples, or take other action, there are ways available to protect your assets so you can have belongings left to pass to your beneficiaries.
Marital status must also be considered when planning for Medicaid benefits. An attorney can help you through all of the steps so you can protect your belongings as well. There are legal ways that you can maintain assets without having to spend down excessive amounts and pay enormous amounts toward your long-term medical costs. Even if your loved one is already in a nursing home, it is not too late to contact an attorney to protect as many assets as possible.
It is never too early to plan ahead. You may not like to think of the possibility of needing long-term care at some point in your life, but there is a real possibility for each and every individual that could become reality. Health conditions arise and mobility changes as the years pass. Accidents and unexpected medical conditions also happen when we least expect. Planning ahead also saves your family a lot of time and stress from trying to handle the issues later.
For Medicaid planning in the Daytona Beach area, call Heidi for a free consultation. She is a skilled estate planning attorney who can walk you through all of the options and help you come up with the perfect solution.