The high cost of long-term care has made planning a critically important issue for most middle class seniors and their families. In fact, most seniors will likely require some form of long-term care. Sadly, many of them are unprepared for the significant financial burdens it places on their family’s hard earned savings. Financial devastation looms large for a family facing ongoing care at a rate of $3,000 or more per month.
Long-Term Care Options
While some seniors are able to afford private pay care, the cost of long-term care will wipe out savings of all but the wealthiest families in a matter of years. Those who have planned ahead by purchasing long-term care insurance have a degree of certainty and peace of mind, knowing that they have a lesser need to rely on other sources in the future. Unfortunately, many can’t afford the high cost of long term care insurance or worse, because of age or medical condition cannot qualify for long term care insurance altogether. If you do have long-term care insurance, you should be aware of what your policy covers. Many policies have high deductibles or provide for only a short period of care in a facility. In fact, many who have long-term care insurance still have to resort to Medicaid to pay for their care.
Gaining and Protecting Eligibility for Medicaid
Whether you are planning for the foreseeable challenges aging brings or reacting to a current medical crisis, we can help you take effective legal action to gain and protect your eligibility for Medicaid. After reviewing the details of your case and discussing your individual needs, we will help you make informed decisions about how to obtain your Medicaid planning objectives while protecting the assets you've worked hard to obtain.
Medicaid is a joint federal-state program that provides medical assistance to low-income individuals, including those who are 65 or older, disabled or blind. Medicaid is the single largest payer of nursing home bills in America and serves as the option of last resort for people who have no other way to finance their long-term care. Although Medicaid eligibility rules vary from state to state, federal minimum standards and guidelines must be observed.
While Medicaid eligibility with respect to long-term care was not difficult in the past, there has been a steady trend towards more complex and restrictive rules, the latest being the Deficit Reduction Act of 2005 which went into effect in 2006. These changes have resulted in complex eligibility requirements for those in need of Medicaid benefits. It’s no longer as easy as reviewing one’s bank statements. There are a myriad of regulations involving look-back periods, income caps, transfer penalties and waiting periods to plan around.
Using a Miller Trust to Qualify for Medicaid
Advocating on Behalf of Disabled Veterans
Veterans Non-Service Connected Disability pensions, such as aid and attendance pension provide people with funding for long-term care, including home care, assisted living, and nursing home care. Nancy Stone is certified by the U.S. Department of Veterans Affairs and can help you.
Disability Planning Options for People with Special Needs
Houston, Texas attorney Nancy Stone assists clients with navigating the maze of planning options available for disabled and special needs individuals. She drafts disability planning documents, such as powers of attorney, that help to ensure you can exercise control over your property and health care and avoid guardianship in the event you become incapacitated. She also drafts special needs trusts to protect the assets of individuals who are legally disabled while preserving eligibility for government benefits.
Estate Planning
We also offer estate planning services so that you may take your future into your own hands. This includes the preparation of legal instruments, including powers of attorney, health care directives, wills, living wills, Miller trusts, and living trusts.
Helping Adult Children Care for Their Parents' Needs
We understand that you want the best for your parents as they age. We also understand that you have a career and family of your own. With so much on your plate, the assistance of an experienced elder law attorney is invaluable. We often work with adult children who are assisting their parents with obtaining government benefits, such as Medicaid and veterans disability pensions, to finance a parent's long-term care.
Our law firm has the experience and the expertise to help avoid the financial ruin associated with the high cost of long-term care. Contact us today to start the process of understanding the issues surrounding Medicaid eligibility and to implement the planning and application process.
Obtaining Quality Care - Protecting Your Assets
Nancy L. Stone, JD, MPH, Attorney at Law assists clients in the Houston, Texas area with obtaining quality home care and nursing home care through Medicaid planning techniques and the Veterans Aid and Attendance Pension. The prospect of spending down assets accumulated over a lifetime of work creates a substantial hardship for all nursing home residents and those who require in-home care to remain in the community. This hardship is also felt by the spouse of a nursing home resident who is counting on those resources to sustain himself or herself in retirement.
We can assist you with developing a plan to legally protect your assets and qualify for Medicaid or VA benefits. Our services encompass advice about spend-down strategies that work, creating Miller Trusts, obtaining a qualified domestic relations order to transfer income, drafting marital property agreements to transfer property between spouses, utilizing spousal impoverishment protections to preserve a couple's assets, drafting an enhanced life estate deeds - or Lady Bird Deed to avoid Medicaid Estate Recovery, and completing and submitting Medicaid applications, as well as representation in Medicaid appeals.
Attorney Nancy Stone, has over 15 years experience in health law and policy, public health, and elder care issues, including Medicare, Medicaid, and Social Security. She has the knowledge and experience needed to obtain your legal goals and protect your financial assets in the process.
Guiding You Toward Your Medicaid and VA Planning Goals
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Establishing and maintaining eligibility for quality care
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Preserving property and income
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Completing estate and disability planning
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Avoiding probate and Medicaid Estate Recovery
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Remaining at home as long as possible
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Obtaining high quality of care
We help clients protect the financial assets they have worked a lifetime to obtain, by using legal spend down strategies. We can assist you with meeting Medicaid's complex eligibility requirements and avoiding Estate Recovery.
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