Long Term Care Planning
It has been reported that 70% of Americans over the age of 60 will need some level of long-term care. And the cost of that care is skyrocketing. If you can qualify for long-term care insurance, and afford it, that is a great way to go. But if you need long-term care and don’t have insurance for it (or enough insurance), you may end up paying out of pocket. This can significantly reduce the assets in your estate that you can leave to your family.
By proactively planning, we can identify options to help you 1) qualify for Medicaid (ALTCS in Arizona), and 2) protect your assets from recovery after death. The key to success is to begin this process before you need the care. This is because of the “look-back period” that Medicaid requires to identify any transfers of your assets for the five years before you applied for benefits. At Anthem Law, we understand these complex rules and can design a plan to protect your family.
Also, if you are a veteran, it is possible to qualify for long-term care benefits through the U.S. Department of Veterans Affairs (VA). In fact, you may be eligible for long-term care benefits even if you are not otherwise eligible for a VA pension.
Powers of Attorney
A key part of estate planning is to have powers of attorney in place. We typically prepare three powers of attorney for each client: Legal/Financial; Health Care (including Living Will); and Mental Health Care. These appoint other people to act on your behalf if and when you are determined by a physician to have lost the mental capacity to manage your affairs.
Estate Planning & Asset Protection
Whether or not you will be seeking government benefits as a means of paying for long-term care, it is important to consider estate planning and asset protection options when planning for the future. Everyone should learn about the best ways to ensure that their assets are protected for themselves and their loved ones for future generations. Asset protection strategies often include the use of Trusts, Powers of Attorney, Wills, Business Succession Plans, Limited Liability Companies, Family Limited Partnerships, and more.
A Guardian and/or Conservator is someone appointed by the courts to act on behalf of another when he is no longer able to care for himself. A Guardian looks after and makes decisions for the individual regarding living arrangements, medical care, and general well-being. A conservator is specifically appointed to look after and make decisions in connection with the ward’s assets. The Guardian and Conservator has a legal duty to act in the best interest of the incapacitated person in their care (generally referred to as a “ward”).
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