Planning For Nursing Home Care And Wealth Transfer
It is difficult when a loved one’s enjoyment of the golden years is cut short by health problems or mental decline. Many families are caught off-guard by illness, accident or the onset of dementia, scrambling to arrange for nursing care and often unprepared to pay for it.
Schwulst & Roseberry, P.C., provides experienced legal counsel in elder law and long-term care planning. We help clients plan for nursing home care or assisted living care while protecting family wealth and preserving eligibility for Medicaid assistance.
This process should ideally be started well in advance but you may have options even if you are at a crisis stage. Contact us today to discuss your situation in a free initial consultation. We serve families in Bloomington-Normal, McLean County and the surrounding region of central Illinois.
Preparing For Long-Term Care And Medicaid Factors
Experienced attorneys John P. Schwulst and Todd A. Roseberry bring more than 50 years of combined legal experience to problem-solving your needs surrounding nursing home care. We will sit down with you to explore your goals, your circumstances, your finances and your options:
• Long-term care insurance – Nursing home care can cost as much as $5,000 to $7,000 per month, depending on the level of care and the quality of the facility. Elder care insurance may be affordable when the premiums are spread over many years.
• Gifting and transfer of property – Wealth can be transferred gradually to heirs, but transfers that are recent or exceed the federal limit can be nullified or penalized. Unlawful transfers can also affect Medicaid eligibility. We can advise clients on retitling of assets and allowable annual gifting limits.
• Medicaid planning – The federal government requires a spend-down of assets to qualify for Medicaid coverage of nursing home costs. Through careful planning, such as a properly established living trust, the home and other assets can be exempted from the spend-down requirements.
• Special needs trusts – A supplemental needs trust provides amenities for a parent in a nursing home or for an adult disabled child. The trust can pay for travel, entertainment, personal items, upgraded clothing and other quality-of-life extras without disqualifying the person for Medicaid or Social Security Disability.
You Are Not Alone. Contact Us For Guidance.
A person cannot simply sign over assets to children or a spouse in anticipation of nursing home care. We provide comprehensive estate planning services, from long-term care planning to wills, trusts and powers of attorney. We also handle guardianship proceedings to take charge of the health care and personal affairs of a family member who can no longer manage his or her own care.
Trying to protect family assets can make matters worse if not done properly. The biggest mistake is not to plan at all. For a consultation with our experienced estate planning lawyers, contact us online or call us at 309-751-4101. We offer the first 30 minutes of the initial consultation free of charge.