Nursing Home Asset Protection Lawyer Alexandria, LA
The expenses for nursing home care can be expensive, so it’s important to know how to protect assets. The more that it costs to live in a nursing home, the less you may have to leave for your loved ones in the form of a legacy. But thankfully, with some planning ahead of time, you can safeguard your assets from being used up by nursing home care. If you need advice regarding this matter, contact our team about Alexandria, LA nursing home asset protection lawyer today. The sooner we get started, the better we can protect the legacy you have built over a lifetime. Please do not hesitate to reach out for further guidance.
Ways To Protect Assets
Instead of letting expensive nursing home costs threaten your monetary security, there are options to consider taking to protect your legacy. For instance, you can apply for long-term care insurance, turn assets into income through a Medicaid-compliant annuity, establish a life estate to transfer your property to another person, transfer assets into an irrevocable trust, or give financial gifts. As our knowledgeable lawyer for nursing home asset protection explains, applying for long-term care insurance can be a useful way to protect your assets from nursing home care costs. This insurance plan can offer an additional source of funds so that you receive the care you require. Similar to other insurance policies, long-term insurance can cover nursing home expenses up to a certain limit. In return, the policyholder sends in monthly payment premiums. If you wish to turn assets into income through an annuity that is Medicaid-compliant, you can reduce your asset value and qualify for Medicaid without using your asset funds. Usually, Medicaid is for those that have low income. This means that the person’s assets cannot be above a set amount. Those who qualify for Medicaid can spend their assets, but that sacrifices their money for this assistance. But those who use their assets to purchase a Medicaid-compliant annuity can turn this into income and then qualify for the program. Essentially, when you buy an Medicaid approved annuity, you agree to submit a lump sum of cash with the provider. The money gets invested and returned to you through predictable payments. With this initial deposit, you could decrease your asset value enough to meet Medicaid qualifications. Keep in mind that this case will be returned to you as income. If you have further questions about how to protect your assets from being spent all on nursing home care, reach out to our team today.
Theus Law Offices
Planning for all stages of life is essential, so that you can live as comfortably as possible without risking the legacy you want to distribute to future generations of friends and family. At Theus Law Offices, we understand the value of having both a quality of life and assets to give back to your closest loved ones. If you want to know more about strategies to protect your assets while still being able to pay for nursing home costs, contact our team about LA nursing home assets protection.