Legally Shelter Your Important Assets
Nursing homes are a valuable care option for elderly and disabled individuals, however, the steep cost of a typical nursing home stay can be difficult to handle. Genworth Financial in conjunction with CareScout conducted a cost of care survey in 2017. According to the survey the median annual cost of a private room at a nursing home in Utah is $83,580.00 ($6,965.00 per month). We can help you understand what types of trusts and legal measures you can take in order to protect your assets from being absorbed by nursing home care costs or by Medicaid and VA benefits limitations.
Protecting Assets from Nursing Homes
Learn how to protect your assets while still qualifying for long-term care.
Avoid Unnecessary Costs
Know that you're really being taken care of.
About 70% of seniors usually need long-term help toward the end of their lives. It's not the ideal situation, but there are ways to prepare and make your experience as smooth as possible.
Our elder law advocates have the experience you need to ease the costs and burdens of nursing home bills.
Some Things You Can Do
There are a few ways to protect your possessions from nursing home and Medicaid penalties. Let our attorneys help you to achieve ultimate protection and wealth.
Use Assets to Pay Debts
You can use your at-risk assets to prepay insurance, taxes, or other large bills.
Buy Assets Not Counted by Medicaid
Certain assets can't be touched, such as your home, cars, and personal effects.
Convert Assets to Income
Avoid costs by giving something of equal value in exchange for converted assets.
Who This Service is For
An expected 70% of people over the age of 65 will need long-term care someday. A startling government study found that over two thirds of those who reach age 65 will need to go into a Nursing Home at some point before they die.It's never too early to begin planning how you will pay for this care, protect your assets, and qualify for Medicaid or VA benefits if that is the route you choose to take.
Want to Learn More?
There are several ways to protect your assets while receiving long-term care.
- Using private wealth
- Relying on family
- Paying with private insurance/Medicare
- Acquiring long-term health insurance
- Qualifying for Medicaid
Medicaid is a federal program that does cover long-term care like nursing homes. However, it is income-based so if your assets put you over the strict threshold level, you won't qualify. Some people attempt to qualify for Medicaid by gifting assets to loved ones or setting up trusts.
There are legal ways to protect your assets while obtaining Medicaid eligibility for nursing home costs. The best way to insure you protect your assets and avoid Medicaid fraud is to consult an attorney with experience in Medicaid and estate law.
An attorney can also help you set up powers of attorney and living wills, and can guide you in making the right decisions when it comes to nursing home contracts before you sign on the dotted line. These are all important factors in protecting your assets from mismanagement, elder abuse, and the long-term effects of high nursing home costs.
While these aren't the most pleasant topics to consider, it is vital to plan ahead. Nursing home costs can quickly deplete your assets and affect your ability to care for love ones financially. Speak with an attorney to discuss options for asset protection and planning.
Life Care Planning
The goal of life care planning is to meet the challenges caused by illness or disability and provide a high-quality of life of elders.
Get the Best Long-Term Care
Minimize the costs of quality life care for you or a loved one.
Whether you need life care for an injury, disability, or advanced age, we are your advocates. Our experiences planners know the ins and outs of long-term care and what to look for.
Let our attorneys help you find the best options for quality care, affordable pricing, and worry-free assistance.
Who Qualifies For Life Care?
Life care is a big commitment for you and your family. Let our professionals help you find the right plan that will benefit your life and give you the smoothest services available.
Life-long ailments can put a big hole in your wallet. Let us find your best plan.
Injury or Disability
Major injuries are rarely planned for. Our lawyers are here to support you.
Your loved one is getting up there and needs some extra help. We're here to help.
Who This Service is For
Life Care Planning helps promote and maintain good health, safety, well-being, and quality of life of elders and their families. Knowledgeable guidance from our attorneys can help you make the right choices to see a wider variety of options for your care.
Want to Learn More?
Your life care plan involves two major decisions:
- Selecting someone you trust to make your health care decisions if you are incapable.
- Giving specific instructions about your care in the event of a sudden injury or illness.
These are very important decisions, so it is best to make them after carefully considering your values, beliefs and experiences.
We will get to know your individual situation to personalize your plan the way you need it. We will review medical records and supporting documents such as depositions, day in the life videos, school records, employment records, and tax returns, and consult with treatment providers and/or attorneys to research costs and sources for treatment.
Topics considered in a life care plan include:
- Diagnostic testing
- Medical and adaptive equipment
- Aids for independent functioning
- Prescription and nonprescription medications
- Home care/facility care
- Routine medical care
- Architectural modifications
- Potential complications
- Surgical intervention
- Vocational services.
Learn more about what is required from the state of Utah if you are applying for Medicaid long-term care services.
Plan For Your Future
Helping you get the right health coverage or long-term care.
The high cost of long-term care is a very important issue for most middle to upper class seniors and their loved ones. Advanced Medicaid planning can be a great benefit to most elderly adults. The vast majority of people over the age of 65 will need some type of long-term care at some point in their lives. Unfortunately, many of them are unprepared for the financial hardship it will cause. With the median cost of a nursing home in Utah at nearly $7,000 per month, financial devastation is not far behind for most families.
Medicaid pays for about 50% of the Nursing Home costs of Americans.
We care about your long-term health and are here to assist you with all of your elder law and estate planning concerns.
Let's work together to see how you could qualify for Medicaid. Your chances may increase depending on your income, family size, or other circumstances. We're excited to find the best plan for you!
Medicaid offers a variety of financial and healthcare benefits, giving you the opportunity to relax.
Nursing Home Care
Get your nursing home care completely covered by Medicaid.
Home Health Care
If a nursing home is not in your plans, get the care you need in your own home.
Health Insurance Coverage
Get your medical costs covered so you can get the care you need.
Who Medicaid Planning is For
As we continue live longer and long-term care costs continue to increase, the challenge becomes how do we pay for these services. Many people can not afford to pay $7,000 per month for a nursing home or in home care, and for those who can the question is for how long will be able sustain the costs. Thankfully, the various Medicaid programs offered in Utah are there to help with the cost of long-term care.
Medicaid has been commonly referred to as the long-term care insurance of the middle class. Medicaid planning is not for everyone. However, it is right for you if you want to:
- Protect the financial security of the healthy spouse who may outlive the ill spouse by many years or even decades.
- Provide partial assistance for in home or assisted living care, permitting you to stretch your savings further.
- Save/protect the family home or business.
- Place assets in trust for disabled a family member(s) to enhance their quality of live.
- Pass assets on to those of your choosing.
- Save money, personal items and other assets for your loved ones, such as children or grandchildren to assist them in these progressively unstable times.
When obtaining Medicaid eligibility, it is important to also protect assets in order to meet basic needs. We can help you focus on protecting your assets to benefit you and protect your loved ones' inheritance while also receiving benefits from Medicaid.
Want to Learn More?
The rules for Medicaid eligibility change frequently and remain very complex. They differ from state to state, as well as by program. Your application will be time consuming and the review process is always lengthy. Being denied by Medicaid is a severe consequence after investing so much time and mental effort. The stress can negatively impact the health and well-being, which is the reason you are approaching the process in the first place.
Let us help alleviate the stress involved with Medicaid eligibility by helping you with a Medicaid plan. We can help you structure your financial resources, prepare documentation, and ensure the best possibility of being accepted into the Medicaid program. ur law firm has the experience and knowledge to help you avoid the financial ruin associated with the high cost of long-term care.
With your Medicaid planning attorney, we will:
- Create trusts
- Manage asset transfers
- Convert countable assets into exempt assets (this will ensure eligibility while also preserving family resources)
- Protect a family home from Medicaid recovery
- Manage finances to ensure healthy spouses have adequate income for independent living
It is estimated that between 60% and 75% of Medicaid applicants, engage in some form of Medicaid planning prior to submitting their application. It's the wisest way to gain eligibility.
VA Benefits Planning
If you meet financial & medical criteria, as a Veteran or Veteran's spouse you could be entitled to a monthly cash benefit and long-term care.
We Care For Our Veterans
Let's get you eligible for Veterans Pension or Aid and Attendance Benefits.
You may be eligible for VA Benefits depending on active military service, discharge circumstances, and length of military service.
We are your advocates and want you to have the best opportunities available to you. Our attorneys will help you as much as we can to be eligible for benefits and will guide you through the process.
Some Tips to Qualify
Not sure if you would qualify for Veteran Benefits? Here are some specifications of eligibility.
The first step to qualifying is to have active military service or be a direct dependent or survivor of a veteran.
Type of Discharge
When applying for Veteran Benefits, it is important that you have an honorable discharge history to qualify.
Length of Service
Only veterans who have served in times of war are eligible for Veteran Benefits. Serving in a combat zone is not required.
Who This Service is For
Veterans Pension Planning (Aid & Attendance) provides a monthly cash benefit to wartime veterans or the surviving spouse of a wartime veteran who meets the financial and medical criteria. Let us help you find out what benefits are available to you.
Want to Learn More?
The Department of Veterans Affairs offers aging veterans who served our country during a period of war a pension to help with the costs of care. And, unlike Medicaid, the VA does not require that the veterans who claim this benefit spend all of their savings beyond becoming eligible.
This cash benefit can be particularly beneficial when it comes to paying for assisted living or other long term care costs. The pension could be worth up to $2000 per month for a veteran or up to $1100 per month for a single surviving spouse. The Pension is one of the few VA benefits that is also available to the surviving spouses of wartime veterans, making the pool of potential eligibility beneficiaries particularly large. Yet, surprisingly, many are not aware of their VA pension benefit or how to access it.
We provide veterans or their surviving spouses with assistance and understanding about their entitled benefits. From planning and preparation of the application materials to representation and appeal if necessary, we will help you every step of the way to help you receive more compensation in less time with fewer hassles.
VA disability and pension claims are complicated. But outside of this, we can also help you with:
- Help you organize paperwork and evidence to file a claim sooner and receive more compensation.
- Filing on your own sometimes takes 8-10 months, and will errors or issues it can be even longer. We can prevent all obstacles to ensure the process be taken care of as smoothly and quickly as possible. We could have your claim rapping up within six months.
- Getting the process through quicker also closes the window of opportunity for further changes to develop to over-complicate and lengthen the process.
- We will ensure you receive the maximum benefits for your situation
- Facilitate the process to obtain supporting evidence and records for your claim by spotting potential conflicting information and circumventing them.
Asset Protection Planning
Keep your money and property safe from creditors, lawsuits or others who may try to take advantage of you via the legal system.
Don't Lose What You've Earned
Keep your property safe from outside creditors.
Our experts have been in the industry long enough to know that there are risks involved with owning property and assets.
We are here to protect you from potential damage from divorce, creditors, judgments, and lawsuits.
Work With Someone You Can Trust
We are not in it for the money, we sincerely care about the future of you and your family. We respect everything that you have worked for throughout your life and we are here to protect that.
Committed to Our Clients
The most important part of your experience is the way we make you feel.
We Are Family
We consider and treat every client as family from start to finish.
Striving to Make a Difference
We want to help you create a positive future for yourself and your family.
Who This Service is For
Do you have substantial assets? People may suddenly come into wealth through inheritance, a lawsuit, stock options sale, business sale, or sports/entertainment contracts. Consider taking steps to protect your wealth against lawsuits from others.
Weigh the two main factors: the value your assets and your risk. The value of the assets consist of what they are worth minus what you owe. Consider how much your asset is protected by a 401(k) retirement plan or homestead exemption on your primary residence. Consider asset protection planning to lessen the risk on your assets.
Planning asset protection isn’t important just for millionaires, it’s important for anyone that has worked hard to have what they have accumulated.
Want to Learn More?
Some steps to take to protect your assets will include making sure your personal umbrella liability coverage is for an amount at least equal to your new net-worth.
Consider whether to keep your assets separate or joint. If you don’t want your spouse to have ownership of your windfall, talk to an attorney and keep the assets in a separate account. Any money you deposit into a joint account with your children, elderly parents, roommate, or business partner is at risk. If the joint owner files for divorce, incurs a tax lien, or lawsuit judgment, the entire account could be wiped out.
Asset Protection Trusts are a powerful tool to protect money from lawsuits. Local courts do not have jurisdiction over foreign trustees, so most of these Trusts are handled offshore. The offshore trust is one of the few asset protection strategies that work after a lawsuit is filed.
Sudden wealth can be life-changing to improve your life and the lives of those around you, but only if you keep it. Those with more assets are bigger targets for lawsuits. Don’t let your sudden wealth suddenly get stripped from you. Protect your assets and sleep easier knowing you are better protected.