Protecting and Expanding Your Life Care Planning Options in Utah
At the Salt Lake City law firm of Alder Law Group, P.C., our attorneys advise families concerned about the care of themselves or their aging parents during an extended period of incapacity, typically during the years of fixed income following retirement. To learn about the best ways to plan for and finance extended care on satisfactory terms, contact us for a free consultation.UTAH BENEFITS PLANNING LAWYERS: CALL 801-463-2600
For most middle-class families, Medicaid will represent the most important single source of support for people interested in alternatives to nursing home placement to support a period of disability, limited mobility or assisted living needs. Medicaid is a means-tested program, however, and many people are surprised to find that they have too much net worth to qualify for Medicaid assistance. Meanwhile, they cannot afford the cost of high-quality nursing assistance or residence at a desirable assisted living center.
Our objective is to help families preserve Medicaid eligibility through effective long-term asset management planning. If you get an early start, you can plan for the possibility of applying for Medicaid assistance, all on terms that protect your Medicaid eligibility while protecting assets you wish to pass on to your heirs from the Medicaid spend down.
The biggest catch is that any transfer that reduces your net worth according to the Medicaid formula will be ignored for eligibility purposes if it took place within five years of the time of need. We therefore recommend that people begin to plan for future incapacity or assistance needs while they have time to do so effectively, which usually also coincides with the years of peak earning power.
Long-term care insurance is often the best approach for financing future needs, but few people young enough to afford it think to acquire it while it's inexpensive. Our experience with elder law and Medicaid planning helps families in all situations find solutions to the problems associated with paying for extended care.
To learn more about your options for preserving benefits eligibility at any stage of your life, contact a knowledgeable Salt Lake City Medicaid planning attorney at Alder Law Group.