Long-Term Care and Asset Protection Plans

Why Is Asset Protection Important to Long-Term Care

Recent statistics from the U.S. Department of Health and Human Services indicate that a 65-year-old American has a 70 percent chance of needing long-term care service during their remaining lifetime.  At least 20 percent of those Americans will need it for longer than 5 years.  The high cost of long-term care presents a threat to the savings and personal assets of all but the most affluent Americans. 

Because Medicare only pays for up to 100 days of nursing home care if the beneficiary requires skilled nursing services or rehabilitation (after a qualifying 3-day hospital stay), payment for long-term care expenses must come from personal financial assets, private long-term care insurance, or ABD Medicaid.

People planning to pay privately for their nursing home care can expect to see their assets diminished by $100,000 to $200,000, or more, for each year they spend in long-term care.  Because of poor business practices and sky-rocketing premiums, long-term care insurance is almost a thing of the past.  But in some states, as many as two-thirds of the those needing long-term care use ABD Medicaid to pay for their services, and 75% of them use ABD Medicaid for in-home care.

Because the ABD Medicaid program is designed to protect spouses and children of those who need care, the law encourages those who do the planning for their families to find the right guide to protect their family savings AND get the care that is needed for their loved-ones.

We Recommend That Every Asset Protection Plan Be Comprehensive

In every possible case, our long-term care and asset protection plans include the fundamental foundations of any estate plan (our “Fundamentals”).  These ensure that no court intervention will be necessary for the appointment of a guardian or conservator.  Our client’s most-trusted family members or friends will be able to help easily with financial and medical decisions when they need help most.  Our “Fundamentals” makes the cumbersome and expensive probate process unnecessary.

Our “Fundamentals” Includes:

  • Advance Medical Directive and Durable Healthcare Power of Attorney with HIPPA Authorizations
  • Durable General Financial Power of Attorney
  • Revocable Living Trust
  • Last Will and Testament
  • Retitling Assistance
  • All Necessary Virginia, Maryland, and D.C. Deeds
  • One-Year Membership in Our Concierge Care Plan

Protect the Home

Our simplest asset protection plan is designed to build upon the comprehensive “Fundamentals” estate plan with a special trust designed to protect our client’s single most important asset, the home or family farm, from long-term care costs and creditors.

Our Protect the Home Plan Includes:

  • Everything from the “Fundamentals”
  • Our Home Protection Trust for your valuable real estate

Protect Everything

Most of our clients want to protect more than the family homestead.  They have financial assets and investment income that could be lost to long-term care costs or creditors.  By maximizing protection of your assets (and those of your spouse, too, if you have one), you can confidently use your life savings to have the kind of retirement and lifestyle that you choose.  You will know that you will not be a financial burden to your children should you need long- term care as your plan is designed to access ABD Medicaid long-term care insurance or VA Aid & Attendance long-term care benefits.

Our Protect Everything Plan Includes:

  • Everything from the “Fundamentals”
  • Our innovative and trademarked LegacyTM ABD Medicaid/Veteran Asset Protection Trust designed to protect your real estate and financial assets

Protect Everyone

For the serious planners, our Protect Everyone Plan not only provides a comprehensive estate plan with asset protection for real estate and financial assets, it creates a legacy of responsibility and protection not just for the current generation but for your descendants as well. Our Protect Everyone Plan allows you to safeguard your heirs’ inheritances from divorce, creditors, and addiction, and confidently plan for those who may have special needs.

Our Protect Everyone Plan Includes:

  • Everything from the “Fundamentals”
  • An enhanced version of our innovative and trademarked LegacyTM ABD Medicaid/VA Asset Protection Trust designed to protect the maximum real estate and financial assets
  • Divorce/creditor/addiction protection for children and heirs
  • Special Needs inheritance protection

Why Is Asset Protection Important to Long-Term Care

We are committed to protecting you and your family while promoting maximum independence and control.  The Legacy Elder Law Center is compassionate and protective of personal dignity but relentless in the face of threats to your family wealth.  The Legacy Elder Law Center is tough and experienced and knows how to get you the results you need to protect your family so you can focus on your future.