Things that no one wants to think about much….
Yes, those boring will, trust and probate discussions all fall under the Elder Law umbrella. But at the Elder Law Practice, we also dedicate a significant portion of our time to helping caregivers and their aging loved ones find the best possible care (including respite care) – without going broke. We’re committed to helping families utilize every benefit available.
For many of our clients this includes Medicaid Planning or Medicaid Crisis Planning.
“Mom and Dad talked about doing some kind of planning for years but never got around to it. Now Mom is going to the nursing home and we’re worried they’re about to lose everything. Will they lose their house? What about their life savings? What will Dad live on?”
If the above paragraph rings familiar to you, know that you are in plenty of good company. We see families almost every day that face the unexpected challenge of paying a nursing home bill that typically totals $5500 to $6000 per month in Arkansas.
Our Barraged Boomer’s Guidebook on How to Pay for a Nursing Home Stay is about protecting what you can when no planning has been done in advance – what we term “Medicaid Crisis Planning” or simply “Crisis Planning.” Download the guidebook here.[/su_note]
Medicaid is a cooperative federal/state program designed, in order to assist the elderly, blind and disabled poor in Arkansas with the expense of their medical services. It covers a wide range of benefits, including long-term care.
With nursing home costs averaging up to around $6,000 per month. Many families will quickly deplete any savings and assets they’ve managed to accumulate – often within the first year of placement – if they pay out-of-pocket. A good option for many is to plan to qualify for Medicaid.
In our lifetime, Medicaid has become the long-term care resource for the middle class. As life expectancies increase, so do the odds that you, your spouse or one/both of your aging parents will eventually need long-term, skilled nursing care. About two-thirds of the nation’s nursing home residents have their costs of care covered in part by Medicaid.
But eligibility to receive Medicaid requires meeting certain criteria regarding income and assets. Most people think they have to “spend down” most of their assets before Medicaid will cover long-term care expenses. The reason to seek assistance in qualifying for Medicaid is simple. You need to protect enough assets to ensure the security of your loved ones.
Federal laws can protect your loved ones from becoming impoverished because of your long-term care costs.
Becoming eligible for Medicaid could save you thousands of dollars each month. But do it correctly.. These qualification rules are complex and ever-changing. Without the proper advocate to guide you through the process, the you’ll probably spend more out-of-pocket than necessary.
As Elder Law attorneys and nursing home professionals, we deal with such issues every day. We’re here to help you prepare for the possibilities ahead.
Some additional resources:
Barraged Boomer’s Guide to Medicaid Planning & Division of Assets
(Helping you get the care your loved one deserves while legally protecting your family’s assets.)
This guide is to help you better understand how to pay for a nursing home stay. Medicare only pays for a short number of days. After that, the name of the game is to qualify for Medicaid as soon as possible.
If you have a loved one that is going to a nursing home soon (or even if they are already there), surely this information may help. In many cases, there are ways to save assets without spending everything that your loved one has worked for and saved. Download it for free here.
Visit our FAQs page (click here):
A few of the most common Elder Law questions that we are answering daily are obviously very generic by nature. As each situation is unique and deserves individual attention.
At ELP, we work to protect you!
We work with people to do various types of estate planning. There is no one size fits all plan and no plan is categorically better than others. The key is to meet with your attorney (hopefully us!) to discuss your unique situation and have a plan crafted that is best for you. If you or your declining parent is not 100% sure of their beneficiary designations, please be proactive and give us a call before you (or they) lose capacity.
Without a properly flexible plan, how will you care for your declining Loved One, be there for your family, get work done, and pivot in the event of a crisis? What about cost? How will you pay for it all? If you make the Assisted Living Facility choice, how long will the money last? Together, we can craft a proactive plan! Lets get started protecting your assets!
If you (or someone you know) are from Arkansas and would benefit from more information like this, click the button below to sign up for our free Arkansas Newsletter by going to https://elp.legal/arknews.
ELP YouTube Channel
Speaking of trends, subscribe to our YouTube Channel. We have a few hundred videos there for your watching enjoyment. Videos are categorized by playlist. You should easily be able to find several videos that discuss exactly what you are looking for. The best part about this is not only is this some really good content, but it is free! There’s even a video specifically addressing Revocable Living Trusts!
Just click here to go to The Elder Law Practice You Tube Channel. Please remember to subscribe! When you click the notification bell, so you will be notified of our latest video launches. If you have video ideas, please type them in the comment box. Thanks for watching!
We have covered some legal topics in this edition and as always, I want to emphasize that (1) the law is different in every state, so if you live in a state other than Arkansas, just know that the law may be totally different in your state; (2) your situation is unique, so one size doesn’t fit all – meaning what we discuss herein may not be right for you; (3) we have purposely over-simplified many of the topics above (otherwise this would be many pages long and unreadable because of all of the legalize). It is imperative that you meet with your attorney (hopefully us!) and get a plan that will work for you. Don’t try to plan based on what you read in this (or any) article AND don’t try to go it alone. Please consider this, get your questions answered and take action.