Nursing home and other long-term care facility costs can be over $13,000 per month. You have spent your entire life saving and investing your hard-earned money. You should be able to leave your assets to family, friends and charities.
You will want to plan Medicaid eligibility as early as possible. There is a “lookback” period of five years in which Medicaid analyzes all asset transfers for the five years prior to your application. Early planning for Medicaid eligibility will allow you to get through the five-year lookback so that your life savings does not go directly to the nursing home.
There are various exceptions to the five-year lookback period, and many provisions for family members that would not disqualify you from becoming eligible for Medicaid. It is imperative that you speak to a professional about your Medicaid eligibility.
Aside from a proper estate plan for determining how your assets will be distributed, it is important to consider the possibility of declining health as we get older. If you are ever incapacitated for any reason, it is important to have a trusted individual who can make financial and medical decisions on your behalf. That is why a Durable Power of Attorney and Health Care Proxy are necessary at any age.
Another more recent issue is the issue of whether to administer life-saving treatment in the event of a loss of any hope of recovery. Having a Living Will Declaration in place provides guidance for your health care agent to make the decision that you want them to make in these situations.
Once you or a loved one is admitted to a nursing home or other long-term care facility, there are often various issues that can arise regarding the care that is being provided, including treatment, billing, etc. Having an attorney who is familiar with the law regarding elder issues, and much experience with helping the elderly can help immensely.
If our practice areas do not address your particular needs, we have a network of trusted attorneys that we feel comfortable sending clients to. Please be sure to call our office and speak to one of our attorneys so that we can refer you to the right professional.