Avoid Nursing Home Poverty
Nursing homes are expensive and without careful planning, individuals can dissolve their life savings with a stay that is only a few brief months or years. Most of the nursing home residents have their stay paid for by Medicaid. In order to qualify for Medicaid, you must meet specific income and asset limits. Without proper legal advice, you may be told that you must spend down your assets until you have reduced your savings to the point that you qualify for Medicaid coverage of your nursing home bills. At Rabalais Estate Planning, our clients are educated and advised on how to protect their assets in order to qualify and not be penalized.
In order to hand down the majority of your life savings to your heirs and avoid nursing home poverty, you should work with a Rabalais Estate Planning attorney who is knowledgeable in your state’s Medicaid rules. Everyone’s circumstances are different and our experts will spend valuable time developing a financial arrangement specific for you that will optimize the value of your estate.
Trusts are a popular tool in Medicaid planning because, if established correctly, trusts can permit individuals and married couples to transfer assets out of their name, but retain control of the assets after they are transferred. At Rabalais Estate Planning, our attorneys set up Irrevocable Trusts which are very useful for Medicaid planning purposes. If you transfer your assets into the right kind of Irrevocable Trust, the assets in the name of the trust will not count against you when you apply for Medicaid.
With America’s population aging and the cost of care skyrocketing, it is important to work with a Rabalais Estate Planning attorney to arrange in advance for your potential long term care nursing home stay.
“I went to a Rabalais Estate Planning seminar knowing I wanted a Trust to protect myself and my family from nursing home poverty, but learned there were so many other things I should have been preparing for all these years. From the Trust to Living Wills and Powers of Attorney for health and financial issues. A Rabalais Estate Planning attorney professionally prepared every document so it was easy to understand. I am so happy to have found such a helpful and caring professional to guide me through the often uncomfortable moments of planning for the end. I now feel quite at ease that my family will not only avoid probate, but will also always have Rabalais Estate Planning to turn to with any future concerns or questions.”
– Oivind Westereng
“Ours is not a large estate, but it is complex. A Rabalais Estate Planning attorney made it easy for us to do exactly what we wanted to do. They drafted an Irrevocable Trust for us, a Trust for our daughter, and two Special Needs Trusts. Additionally, they prepared a Will for each of us, a financial Power of Attorney, a Medical Power of Attorney, and a Living Will. We are both very pleased with the finished product and highly recommend you to anyone, including our more than 800 income tax clients. You did a great job for us.”
- Joseph and Kathleen Points