Planning in advance for long term care includes all of the components of an Estate Plan (such as Wills, Trusts, Powers of Attorney and Health Care Directives) plus additional planning for the risk of a disability and nursing home care. A proper Long Term Care Plan is completed before the crisis hits.
It is very important to plan early for a Long Term Care Plan to work correctly. Moreover, the sooner you start the process, the more options you have to protect your home and other assets. This is because when a person applies for Medicaid (known as “MassHealth” in Massachusetts) to pay for nursing home care, Medicaid will review transactions in the last five years. It is therefore critical to address the risk of a nursing home admission early in time.
We have nearly 20 years of experience in Elder Law and Long Term Care. We have helped clients save millions from catastrophic long term care costs. When you plan early you make sure that if and when you need nursing home care, you can preserve most (in some cases all) of your assets and quickly qualify for Medicaid.
We help clients make educated, informed decisions about their assets. We create Long Term Care Plans that make sure clients maintain their independence, legally preserve as much of their assets as possible and qualify for any government benefits for which they may be eligible in the future.
Whether you or a loved one has memory or mobility issues, are considering assisted living, or you are otherwise healthy, you should make sure you have a plan that is up to date. Contact us today to review your options for protecting assets. (Click here to schedule a consultation)
There are several strategies we use with Advance Long Term Care Plans. In addition to the tools used for Estate Plans, Advance Long Term Care Plans may include:
- Transfer/Gift assets to individuals or trust
- Long Term Care Insurance
- Asset Protection Trusts
- Supplemental Needs Trusts
- Testamentary Trusts
- Permissible Medicaid Transfers
- Annuities
- Strategic spend-down
- Caregiver Agreements