Sheryll Law, P.C. makes long-term care affordable with Medicaid planning, insurance planning, and more.
Protect Your Estate And Health With Long-term Care Planning
Aging is inevitable. Aging in comfort is the most important goal as we grow into our golden years. A well-thought-out long-term care plan can help remove the burden of caring for elderly loved ones. Having a trusted advisor such as Long Term Care Planning Attorney allows your estate to have a checks and balances system as your financial advisor manages the funds of your estate. Minimizing any impact that your age or health situation may have on you is important as your loved ones take care of you. Don’t wait to build your team now to plan for the future.
Any kind of long-term care planning involves risk, minimizing that risk is important while you are in good health.
Benefits of Long-term Care Planning in Long Island
Long-term care planning is a vital component of creating an estate plan. Benefits include:
- Protect your retirement assets
- Ensure your loved ones don’t have to serve as caregivers
- Get access to public benefits without losing all of your assets
- Have peace of mind as you age
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Selling all of your belongings and spending down all your money just to complete medicaid eligibility requirements is a strategy that can be avoided. Medicaid planning all begins with a solid estate plan. A long term care planning attorney can help develop a strategy to protect your assets while still qualifying for Medicaid. Due to the strict financial requirements, one of the tools that may be recommended by an estate planning attorney is an Irrevocable Trust.
An Irrevocable Trust nominates a trustee to manage the trust and transfer assets into an Irrevocable Trust. Medicaid won’t count the assets inside of your trust as your property. Your Long Term Care Attorney can discuss a strategy for funding your trust and what assets should be added. Medicaid planning should not be pushed off as there are lookback periods and penalties associated with gifting and transferring assets.
Community Vs. Chronic Medicaid
Proper planning can provide opportunities to receive Medicaid coverage, despite the fact that Chronic Medicaid and Community Medicaid requires several financial requirements to meet eligibility. Community Medicaid is designed to help seniors stay at home as long as possible while providing them with in-home health aids. Community Medicaid coverage includes assistance with activities of daily living such as meal preparation and light housekeeping. Community Medicaid has several financial and medical eligibility requirements to consider.
Chronic Medicaid, also known as Nursing Home Medicaid, is used to pay for long-term care at a facility. This provides individuals the help that they need while in a nursing home or assisted living facility. Some may wish to start with Community Medicaid and then transition to Nursing home Medicaid as their needs change. The Medicaid application is an in depth process. It is recommended that individuals seek advice from an experienced long term care planning attorney to develop a strategy and reduce penalties.
Long-term Care Insurance
Proper planning prevents poor performance, and in this case, proper planning provides for your long-term care needs. Consulting an experienced Long Island Estate Planning Law Firm will be able to help create a strategy for long term care planning and this includes looking at various types of life insurance products that could be used to hedge for long term care planning and end of life needs.
There are several strategies to consider such as life insurance, long-term care insurance, Medicaid coverage or last case scenario paying out of pocket for private.
Consult with an experienced medicaid planning attorney to avoid paying out of pocket for long term care.
Life Insurance Planning
One of the oldest financial tools is having a life insurance plan. Short term and long-term insurance plans both have their benefits. It’s important to consult your Estate Planning Attorney to know which is best for you. Most Life Insurance Plans have a payout based on certain criteria and life events. These payouts can be substantial and sometimes come with tax exposures. Ensure your planning is maximized for the benefit of your loves through proper estate planning to be able to pass on as much of your life insurance policy payout as possible.