LIFE CARE PLANS / ELDER LAW / MEDICAID PLANNING
We work with you and your loved ones to develop a life care plan that is specific to your family needs and helps you reduce the stress and uncertainty of the future. What do you do when you or a loved one needs long-term care yet you or they have too many assets to qualify?
Long-term care is expensive. It is one of the modern day wealth destroyers. Planning now, will save you and your family the anxiety, stress and expense later on.
At-home care on average costs $100 a day. So that is around $3,000 a month just for at-home care. As we get older, in-home care generally transitions into long-term care. The average cost of long-term care is $15,000 a month. The average length of time that long-term care is needed is 2.8 years. That is about $180,000 a year, $360,000 in two years, and just under half a million dollars for long-term care for just under three years. That is money that is not going to our kids or grandkids, to the care facility.
To put it another way, a one month stay in a care facility / nursing home is equivalent to an entire year of tuition at the most prestigious local university. How do we fight this?
As BOTH a licensed attorney and a financial planner, we focus on both the legal and care components that make up a comprehensive life care plan. We work with the top A+ rated financial specialist to help create specialized comprehensive plans.
We offer assistance in several areas of life care planning, such as:
· Preserving and Protecting Assets not just from creditors and liability through various asset protection strategies, but also from nursing home costs
· Finding public and private resources to help you bear the costs of medical care
· Creating trusts to ensure that the financial resources are there to provide necessary care to loved ones
· Estate Planning (Wills and Trusts)
· Medicaid Asset Protection Trusts & Planning
· Medicaid Long-Term Care Qualification and Planning. Accelerate medicaid eligibility while protecting as much of your assets as possible.
· Medicaid Compliant Annuities (MCA): A MCA is a spend-town tool used in crisis planning (after the 5 year look back period) to accelerate your eligibility to immediately qualify for medicaid benefits. MCA work by converting excess funds that would otherwise disqualify you from medicaid, into an income stream with no cash value. When properly structured, an MCA accelerates Medicaid eligibility.
· Health Care Power of Attorney’s
· Financial Power of Attorney’s
· Long-Term Care Insurance: Long-Term care Insurance is used in PRE-planning to secure future coverage for long-term care. It is ideal for younger healthier individuals and is often used as part of an estate planning strategy. An example would be an IUL with a long-term care rider. Polices can be tailored to meet your specific needs and budgets and circumstances.
Life care planning is a more proactive and holistic approach to Elder Law. We seek, proactive, not reactive solutions. It gives you the chance to assess options and alternatives before any crisis arises.
Our pricing is transparent and fixed. I believe in upfront pricing and affordability. Remember, the cost of not having an estate plan will far outweigh these numbers, especially for your loved ones. These costs are an investment in peace of mind and security for your family.
For an essential traditional revocable living trust, our cost is $3,000.
For more complex trust are prices increase.
A trust with QTIP provisions cost $5,000
A special needs trust cost $5,000
A Medicaid Asset Protection trust costs $10,000
Lets talk about your needs today. Contact us at (503) 855 – 3360 for your FREE legal consultation
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