Nursing Home Poverty Lawyer Alexandria, LA

When people start approaching senior age, they may wonder how they are going to afford to take care of themselves. Paying for the costs of nursing home care can be difficult and quickly diminish the assets that someone has saved over the course of their lifetime. If you are interested in learning more about strategies to keep more of your assets and utilize programs such as Medicaid, then we encourage you to reach out to our Alexandria, LA nursing home poverty lawyer. The last thing we want to see happen is families enter poverty due to nursing home costs. At Theus Law Offices, ensuring financial stability even when dealing with senior care costs is our top priority. For more information, contact our law firm today.

Affording Nursing Home Care

Thankfully, in today’s society people are living longer than ever before. We have medical advancements that previous generations did not have access to. This also means the supply and demand for long-term care facilities have gone up exponentially, to the point where they can threaten the assets of those who have saved over the span of their lifetime. There is a correlation between rising healthcare costs and lower estate values. This means that people must become strategic in how they afford nursing home care, while still protecting their estate and assets. The more than nursing home care costs, the less monetary legacy that someone has to leave behind for loved ones after their passing. With some planning and utilization of programs, you can protect yourself from the risk of Alexandria nursing home poverty due to senior care costs.

How To Protect Assets

Instead of letting expensive nursing home costs threaten to impede on your financial security, there are options to explore. To protect your assets, our team may suggest applying for long-term care insurance, giving financial gifts, creating an estate to transfer your property to another person, placing assets into an irrevocable trust, or turning assets into income through a Medicaid-compliant annuity. If you wish to safeguard assets from nursing home costs, you can establish an irrevocable trust. This transfers ownership of your funds to the trust account, which is then managed by a trustee. As a result, the funds are no longer considered a component of your estate and are viewed as property of the trust itself. Putting assets into an irrevocable trust reduces the value of your estate overall, which can allow you to qualify for Medicaid. In this way, you can get the care you need while still leaving a legacy for your most cherished loved ones.

Theus Law Offices

Implementing some strategy as you plan for senior care while protecting your assets can give you the sense of relief you are hoping for. With support and guidance from our team at Theus Law Offices, you can rest assured that all of your concerns are covered. We understand how important it is to protect your legacy and give yourself the quality of life you deserve. If you have questions about how to prevent against LA nursing home poverty, please reach out at your next earliest convenience. We hope to hear from you.

Nursing homes cost upwards of $100,000 per year. For seniors living on a fixed income, this expense can easily bankrupt a family when they do not have a financial plan in place. If you or a loved one needs to enter a long-term care facility, contact Theus Law Offices today. Our Alexandria, LA nursing home poverty lawyer will explain your options so you can get the quality care you deserve without depleting your assets.

When To Hire A Nursing Home Poverty Lawyer

Many people wait too long before consulting our nursing home poverty lawyer. They try to pay for care privately and end up using all of their assets and reserves in the process. As a result, their spouse or family is left with no money or legacy. Don’t wait until you are already in poverty to consult an attorney. Establishing a plan now will ensure you will be able to live in a facility that addresses all of your needs while shielding resources like your family home and investments from seizure. The majority of people end up requiring long-term care as they age. Get peace of mind knowing your healthcare is going to be taken care of without jeopardizing the well-being and financial security of your family by hiring our nursing home poverty lawyer.

Benefits Of Working With A Nursing Home Poverty Lawyer

There is a common misconception that owning valuable assets will disqualify you from Medicaid. This resource is not just for poor people or for when your money runs out. Our Alexandria nursing home poverty lawyer can help you apply for Medicaid and structure your finances and assets so that you will get government financial assistance. For example, there are rules in place that protect the family home, especially if your spouse is still living there.

Furthermore, money designated to a living trust is protected from litigation. Medicaid cannot go after those funds to recoup some of your care expenses. As a result, you are able to leave a legacy for your family and continue to provide for your partner, children, and grandchildren.

The main benefit of working with our nursing home poverty lawyer is establishing an estate plan that includes provisions if you need to go into a care facility. Our attorneys can help with:

• Writing and finalizing a will
• Asset protection
• Setting up a trust
• Applying and qualifying for Medicaid
• Establishing healthcare directives and final wishes
• Planning for funeral and burial costs
• Handling payment of final bills and expenses

Too often, family members are left in debt over nursing home fees. With the proper planning and legal assistance, you can avoid this detrimental situation. Using Medicaid to offset nursing home expenses does not mean you or your loved one will receive less care. You are still able to choose the facility and ensure that all needs are being met. Don’t think of Medicaid as a last resort. With the guidance of our nursing home poverty lawyer, you can get financial assistance before draining your bank accounts or selling your house.

The high costs of nursing home care can easily exhaust your family’s resources, leaving loved ones in a precarious financial situation. This outcome can be avoided by consulting our Alexandria nursing home poverty lawyer at Theus Law Offices. Schedule a free 30-minute consultation to get your questions answered and decide the next steps that are best for your needs. Our premier team of highly rated, trusted, and committed attorneys provides essential insight and perspective to develop and implement individualized strategies that get you results. Get started by contacting our office today.