Asset Protection, Elder Law, Long Term Care Planning, Medicaid Planning – it goes by many names, but the end result is the same – your assets are protected in the event that you require long term care.
Attorney Matthew Hurst works to ensure that your assets are preserved, and that you qualify for long term care Medicaid coverage. Nursing home care is often prohibitively expensive, and while one does not plan on getting sick or needing long term care – we will help you be prepared, just in case.
According to data compiled by the AARP, 52% of Americans require long term care of some kind. It is possible to arrange your assets in such a way that they become exempt when the time comes to apply for long term care Medicaid coverage.
Why do Elder Law Attorneys and Medicaid Planning exist?
Consider the following example: there are two neighbors, John and Joe. Both men are the same age, and have identical Medicare coverage. John is diagnosed with a brain tumor. Joe is diagnosed with Alzheimer’s disease. John’s insurance will cover all, or part of his treatment because cancer is relatively well understood by modern science, and effective cancer treatments exist. Joe’s insurance will cover nothing.
Under the current system, Joe is expected to private-pay for his care until he runs out of funds. This is because no effective treatments have yet been discovered for Alzheimer’s. Without managing your assets and qualifying for long term care Medicaid coverage, you can very easily lose all of your assets just because you developed a certain kind of illness.
An Elder Law Attorney to protect up to 100% of your assets with proper planning.
Planning strategies vary based on if you are planning ahead, or currently need care; if you are single or married; whether you have given any significant uncompensated gifts; and the type and amount of income and assets you have. Potential strategies may include the utilization of irrevocable trusts, Medicaid-compliant annuities, and promissory notes as a means of optimizing the arrangement of your assets in order to qualify for long term care coverage.
Utilizing irrevocable trusts in planning for long term care also has the added benefit of protecting your assets from lawsuits and creditors the very same day that they are placed into the trust. All planning techniques ensure that your assets and income will be used to provide for your spouse and/or children in the event that you require care.
At The Floyd Law Firm PC, we are focused on developing plans that are specifically tailored to each individual’s needs. Attorney, Matthew Hurst is here to help you find the peace of mind that comes from knowing you have planned ahead via the services that are most appropriate for your situation and for the circumstances of your care.
As a skilled attorney with The Floyd Law Firm in Surfside Beach, Matthew brings his legal know-how and his compassion to the realm of Elder Law & Medicaid Planning and Estate Planning, Wills and Trusts. He truly cares about seniors and their families as if they were his own.