As an Elder Law attorney, one of the main questions I get is “how do I save my assets”? What is implicit in this question is the fact that your assets are at risk as you age. To understand how to save your assets, it is first important to know the risks you face. We’re going to talk about the main one: Long Term Care.
The numbers go like this, 70% of individuals over the age of 65 will need some type of long-term care in the future. Bearing in mind, that some people pass away before needing long-term care, that number is a pretty conservative estimate. A 70 plus percentage chance of needing long-term care means that paying for the cost of care should be paramount in your planning for the future.
Without a proper plan, you may have to pay the cost of care out of pocket. Considering that the average cost of care can range from $5,000 to $10,000 per month, it won’t take long until you end up liquidating all of your assets and hand everything over to the long-term care facility.
How do you prevent this from happening? One option is to get Medicaid to cover the cost of care. Medicaid is a program that you pay into your whole life. Every time you earn a paycheck, a little bit gets taken out for Medicaid. So, you may as well utilize it. The problem most people have is figuring out how to qualify for Medicaid AND preserve your assets. That’s where an experienced Elder Law attorney can help.
Whether it’s through a spend down, trust work, deed work, or a combination of the three, there’s a lot of options out there to get qualified for Medicaid, save your assets, and have the cost of care covered. If you have questions about preserving your assets and paying for long-term care, give the experienced Elder Law attorneys at McIntyre Elder Law a call at (704) 259-7040.
Brenton S. Begley
Elder Law Attorney
McIntyre Elder Law
“We help seniors maintain their lifestyle and preserve their legacies.”
PO Box 165
Shelby, NC 28151-0165