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.