Elder Law & Asset Protection
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:
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Pour-over Will(s)
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Revocable Living Trust
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Advance Medical Directive(s)
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Durable Financial Power(s) of Attorney
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Virginia Deed(s), Retitling Assistance
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One-Year Membership in our Concierge Care Plan
Protect The Home
An efficient way to maximize the opportunity to protect your home from long-term care costs. Your family can avoid the frustration, expense, delay, and public proceeding of probate when transferring your assets to your beneficiaries.
Our Protect The Home Plan Includes:
- Everything from the “Fundamentals”
- Home Protection Trust for Primary Residence
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”
- Proactive Legacy Medicaid/VA Asset Protection Trust and/or our customized Legacy Asset Protection Plan setting forth the asset protection strategies designed to protect the maximum amount of 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”
- Proactive Legacy Medicaid/VA Asset Protection Trust and/or our customized Legacy Asset Protection Plan setting forth the asset protection strategies designed to protect the maximum amount of 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.
“They help good people through difficult times…”
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