Leesburg Nursing Home Planning Attorney
Unfortunately, the average American simply cannot afford to spend even a single year in a nursing home. Yet, most of us will require some form of long term care in our lifetimes, with nursing homes being one of the most likely, and the most expensive. The median net worth of Americans 65 and older is just $224,000, according to Money Watch, and this includes the family home, which of course cannot be sold if you plan on returning to it. Because of the high cost of nursing homes, which average over $90,000 per year for a semi-private room in Florida, many middle income people turn to Medicaid, which pays for long term nursing home care. Whether you or a loved one suffered a falling injury and wound up in the hospital, and must be discharged to a nursing home, or you have been saving for years but realize that you still cannot afford long term care, the skilled Leesburg nursing home planning attorneys at the Law Offices of Shea A. Fugate, P.A. have the answers.
Leesburg Nursing Home Planning
Only those with assets worth less than $2,000, not counting a home, can qualify for Medicaid. Many people assume that, in order to qualify, they can simply give all of their money to their children or grandchildren. However, because of the federal government’s look back period, you can be disqualified by doing this. A better option is to begin gifting small amounts early, well before you need to rely on long term care and Medicaid. In addition to this, it may be beneficial to spend your assets on enhancing the value of your estate, such as making home improvements and pre-paying funeral costs. However, the most valuable tool in Medicaid planning could potentially be the creation of a Medicaid Asset Protection Trust. Assets in a MAPT trust are not counted by Medicaid, allowing you to qualify without giving or spending away your entire life savings in the process.
Patients on Medicaid Receive The Same Quality of Care as Those Self Paying
Under federal law, all nursing homes must provide the same quality of care to those paying via Medicaid as those who are self paying. That means that whether you are wealthy, middle class, or have been living in poverty, you will be treated the same when you are admitted to a nursing home.
Contact a Leesburg Nursing Home Planning Lawyer Today For Help
There is no better time to start long term care nursing home planning than now. The sooner you begin, the better off you will be in the long run. Through various strategies, an experienced Leesburg nursing home planning lawyer at the Law Offices of Shea A. Fugate, P.A. can help you qualify for Medicaid when the time is necessary, all while protecting your hard earned life savings, family home, and your children and grandchildren’s inheritance. To learn more, contact us today to schedule a free consultation.