Long Term Care and Asset Protection
The first time most of us think about long term care is when we require it
For the many individuals and families who require long term assistance, long term care planning means navigating the complex web of federal and state laws surrounding Medicare and Medicaid benefits.
We want to make it easier. Baron Law LLC has long term care and asset protection attorneys who can help you get the best care for your situation and work to protect your assets if you or a family member require long term care.
Developing a Plan: How to Find and Pay for Long Term Care
To a person in their 30’s, it can be hard to imagine a time when they (or a loved one) will need assistance to complete day-to-day activities. But having some knowledge of the process (including strategies to protect your personal assets) can help ease the transition when that time comes.
Long term care is a general term for the services required to complete activities such as dressing, bathing, and preparing food. Finding the right type of long term care—whether it’s assisted living, a nursing home, or skilled nursing facilities—depends on the individual’s health care situation and the services available in your community.
But as difficult as it is to find available, appropriate services, figuring out how to pay for it all can be even more stressful. According to a 2021 survey, the average annual cost of a private room in a nursing home is $108,405. And the estimated cost of long term care in Ohio is estimated to be $203 per day!
Generally, the money comes from one of four sources:
- Out-of-pocket
- Medicaid
- Long term care insurance
- Veterans assistance
A long term care attorney can help you make sense of your options and help you pay for the care you need.
Establishing Durable Power of Attorney
An effective long term care plan often includes setting up a durable power of attorney—a legal document that authorizes someone (the “agent”) to make healthcare decisions should a medical emergency leave you unable to make them yourself.
Similarly, a financial power of attorney appoints someone to manage your finances should you be unable to.
The fact is no one knows when an emergency situation will occur. Setting up a power of attorney can give you peace of mind for the future.
How to Protect Assets from a Nursing Home
Most long term care facilities are expensive, and an asset protection plan is essential for shielding your assets.
Some common strategies for protecting your assets from a nursing home include:
- Giving your loved ones monetary gifts before you need long term care
- Putting your assets into an annuity
- Buying long term care insurance
- Hiring an experienced attorney: Baron Law LLC can set up strategies to protect a portion of your estate.
How to Protect Assets from a Nursing Home
Most long term care facilities are expensive, and an asset protection plan is essential for shielding your assets.
Some common strategies for protecting your assets from a nursing home include:
- Giving your loved ones monetary gifts before you need long term care
- Putting your assets into an annuity
- Buying long term care insurance
- Hiring an experienced attorney: Baron Law LLC can set up strategies to protect a portion of your estate.
How to Navigate the Medicaid Lookback
Medicaid is a means-based government health care program, meaning it’s only available to people who qualify as low income. “Lookback” refers to when Medicaid examines transactions from up to 5 years previous for assets that have been gifted or sold off and applies a penalty.
In many cases, qualifying for Medicaid means spending down to less than about $2,000—this often involves selling your home and extinguishing your assets in order to receive government assistance.
Our firm will help you navigate this process successfully to ensure you and your spouse receive the very best long term medical care available.
Setting up Wills and Trusts
Setting up a last will and testament or a trust—considered the “gold standard” of estate planning documents—during the long term care planning process is a good idea for future peace of mind.
We’ll tell you about the types of trusts available, including:
- An irrevocable trust cannot be altered unless the beneficiaries agree to the changed.
- An asset protection trust is a document set up for the purpose of shielding an individual’s assets from creditors, legal action, or other risks to the estate.
- A special needs trust is designed to provide care to someone with a disability.
Learn more about Baron Law LLC’s estate and trust planning services.
How to Prepare For Your Meeting With a Long-Term Care Planning Attorney
If you’re seeking long term care planning help from a professional, doing some prep work can save you time and money.
Here are some steps to prepare for a consultation with an attorney:
- Have a list of your assets and an idea of your net worth
- Have an idea of when you plan to retire
- Identify your questions areas of confusion—after all, long term care can be a complex an overwhelming process
The right elder law attorney can translate your needs into the plan that’s right for your family.
Baron Law Will Help You Plan for the Future
Whether you require long term care imminently or you want to put a plan in place should the need arise, we’ve got you covered.
Our experienced team of attorneys and paralegals are here to consult with you at any stage in the process.
To get in touch with a member of our team, fill out our contact form or give us a call at (216) 573-3723.
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