Planning For Long-Term Care And Associated Concerns
No one wants to think about the future, when we are older and we can no longer care for ourselves. But for many of us, that day is coming, and those who stop today to plan for tomorrow will be at a great advantage. Nursing homes and assisted living centers are expensive, and without planning, they will gobble up your life savings in short order.
Illinois Medicaid Planning Lawyer
At Johnson, Johnson, & Nolan, Attorneys at Law, an important part of our practice is providing long-term care planning. We can provide beneficial assistance in this matter even if your family is already in crisis about it. But the more time we have to work, the more we can help you.
Beware Of Wrong-Headed Asset Protection Schemes
Some people assume that their health insurance will pay for long-term care. Or that you can protect your assets by signing them over to a child or spouse. These ideas are just wrong, and dangerous.
The truth is, Illinois law now makes it more difficult than ever to protect your life assets from being spent down. But there are methods that are legal and effective, and we at Johnson, Johnson, & Nolan will be happy to discuss them with you. Some options include:
- Signing over assets. You can do this, but there are limits. Suspicious-looking transfers can be undone, and even penalized. If it looks like you tried to commit fraud, Medicaid can declare you ineligible. Let Johnson, Johnson, & Nolan describe the right way to retitle assets and give gifts.
- Living trusts. The government wants you to spend down all your existing assets before you can get Medicaid coverage. A living trust can exempt your home and other assets from the spend-down requirements.
- Long-term care insurance. This insurance is not cheap, but spread over many years it is better than the $5,000 to $7,000 most nursing facilities charge per month.
- Special needs trusts. This type of trust allows you to fund things like travel, entertainment, personal items, upgraded clothing and other extras without losing Medicaid eligibility.
The most important thing about long-term care planning is to start early. If you wish to discuss long-term care planning ideas, call us at Johnson, Johnson, & Nolan for a free initial consultation.
Worried about affording a nursing home? Call the Belleville long-term care planning lawyers at Johnson, Johnson, & Nolan, Attorneys at Law at 618-207-4137, toll free 888-628-8977, or write us using this online form.