It’s no secret that nursing home care is exorbitantly expensive. However, few people realize how important is it to plan ahead for the very real possibility of needing long-term care. The statistics are telling. Over half of all seniors will require long-term care services, and the average financial toll of a nursing home stay is about $130,000 per year.
Medicaid is critical for getting nursing home coverage. Far too many people end up having to spend down their assets to qualify for Medicaid. Through proper planning, people of all means – from modest to wealthy – can plan for Medicaid coverage to get the care they need without losing their life savings.
Our lawyer at Douglas H. McPhail, PLC, helps people do so. He offers comprehensive estate and elder law services rooted in his more than 30 years of focused experience in these niche areas of law.
1. Asset conversion: Transform countable assets into exempt assets, such as a primary residence or home improvements.
2. Income conversion: Convert assets into income streams to maximize allowances and minimize countable assets.
3. Making assets unavailable: Use irrevocable trusts and other legal tools to make assets unavailable for Medicaid consideration while still benefiting them and preserving them for your heirs.
4. Estate planning: Implement comprehensive estate planning to protect your assets, secure Medicaid eligibility, reduce your tax burden and accomplish your estate goals.
These strategies must be customized to suit your needs and situation. Ideally, they should be implemented well in advance to avoid penalties. It's critical to work with an attorney such as ours who understands the Michigan Medicaid eligibility requirements as well as tax law and estate planning.
For a detailed exploration of these strategies and more insights into effective Medicaid planning, download our free white paper:
Four Strategies For Nursing Home Medicaid Planning: Protect What You Own While Getting The Care You Need.
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