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Many people believe that having a Will is all they need, and they dont need an estate plan. Over the years we have worked with many families who only had a Will, and no provisions for needing care in a nursing home. As a result, the healthy spouses financial security was neglected and the family went broke.Many of my clients who want to protect assets from long term care costs, own their houses in an asset protection trust. These are the top 6 reasons why our clients decide to use this trustWhile Your Parents Or Grandparents Didnt Have An Asset Protection Trust, They Didnt Often Need Long Term Care. They likely had family members nearby caring for them.Statistically speaking, your odds of needing long term care are increasing. Estimates point to two out of three people who will need long term care in nursing homes in their 80s. Nursing homes currently cost $15,000 a month, and they will cost even more 20 years from now. Asset protection is important, to avoid losing everything to long term care costs.Estate Planning Is Not Just About Answering The Question Of Who Gets Your Stuff When You Pass Away. Its also about planning for what happens if you get really sick. Weve all been paying into this government system with the promise that when we turn 65, we will have healthcare. Unfortunately Medicare doesnt pay for the single biggest health care expense that seniors face, which is custodial long term care in a nursing home.If your health issue is acute, such as a heart attack, or you need surgery, or have cancer, and require acute care in hospital, Medicare will cover the costs of treatment. Whether my spouse and I are financially secure in our retirement years, depends on the healthcare issue either of us will have. This is often beyond our control, but what we can do is to prepare for all eventualities, by protecting our house with a trust. Medicaid Is The Only Government Payment Source For Long Term Care, But The Rules Are Broken. If youre a single person going to a nursing home, youre allowed to own up to $8,000 of assets, a house and car. A couple with $100,000 in a retirement account, must spend that money on care in the nursing home. Once the money is gone you can apply for Medicaid benefits. However, your monthly income is used to pay for care, and you are only allowed to keep $45 a month for all your personal needs. We have a situation where seniors are going broke before they get Medicaid benefits. Theyre allowed to own a house but if they have no money, they cannot pay property taxes, utility bills or maintenance costs.Assuming your child is a power of attorney, they may sell your house to avoid paying the taxes and bills. However, this means you will now have cash which will result in you losing your Medicaid benefits. Not only do you lose your house, but you will need to spend the money on care. When you are broke, you are eligible for Medicaid benefits again. It is not obvious in the Medicaid rules that you will lose the house. The problem is that it becomes financially impossible to keep the house. Putting your house in a trust will protect it from being lost to Nursing home costs.If The House Is Left To Your Child In Your Will, By Paying The Taxes And Keeping The House, Does Not Guarantee That They Wont Lose The House. When somebody who passes away was on Medicaid, the executor is forced to sell the house. The proceeds are used to pay the state for the care the senior received in the nursing home. This is known as the Estate Recovery Program, and the claim in Pennsylvania is limited to someones probate estate. This means that if the assets go through the Will, it will be a probate case, and the state will have a claim against the house.If your house is in the asset protection trust when you pass away, the state cant get your house while its in the trust. Your kids will inherit the house if you go to a nursing home, or you pass away.Your Kids Will Receive Their Inheritance Faster If Your House In An Asset Protection Trust.We dont have to wait 12 months to make the distribution of the inheritance to the children. The distribution process usually happens after four to five months. This is because we dont have to pay creditors. Usually, in probate cases, creditors can make a claim a year after the person has passed away. Once the creditors are paid, distributions are made to the heirs.When Your House Is In An Asset Protection Trust, The Only Thing You Would Have To Give Up Is Having Access To The Home Equity. However, if you have money in the bank, you wont need home equity. Giving up access to the equity, means the nursing home cant access it either. You have protected your house, so you wont lose it. If you or your spouse need long term care, the healthy spouse can still live at home.There are opportunities to protect yourself, and thats what we teach you at our Three Secrets Workshop. If you want to protect your assets, and you want the best plan for your family, we can help you! After attending our Three Secrets Workshop, most of our clients have participated in our Blueprint Workshop. As a result, many of our clients chose to work with us and put their houses into a trust.Register to attend one of our upcoming free workshops. Our workshops are offered various dates/times and locations throughout the Greater Pittsburgh Area, call 724-564-6615 to learn of upcoming Workshops and to register. We will teach you about the estate planning tools you can use to do some good planning.
As your loved one ages, you may grapple with the challenging task of finding long-term care. It's a difficult and stressful time for all involved, and navigating the complexities of Medicaid benefits can add confusion and frustration to an already overwhelming situation.That's where a Florida Long Term Care Financing Solutions Company such as Platinum Benefit Services can help. With over 26 years of experience helping over 14,000 clients obtain Medicaid benefits, their team of professionals can help you understand and navigate the intricacies of Medicaid benefits for long-term care.Understanding the Differences in Medicaid Benefits:It's important to note that the Medicaid benefits for home health care or assisted living are different from the Medicaid benefits for a loved one in a skilled nursing facility. Medicaid will cover up to 40 hours of in-home care per week for the Medicaid recipient. If the patient is either in an assisted living facility (ALF) or wishes to transition to one. Medicaid will pay part of the monthly assisted living bill, and the patient is responsible for paying the remainder.Not all ALFs are contracted with Medicaid, but for the ones that are, each Medicaid-contracted facility has a separate agreement for the amount that Medicaid will cover. This can make it difficult to understand exactly how much you'll be responsible for paying. A Florida long term care financing solutions company can help you navigate these complexities and understand exactly what you'll be responsible for paying.On the other hand, when a patient is in a skilled nursing facility (SNF), the patient must pay the facility all their monthly income minus a personal needs allowance (PNA) of $130, as well as being able to deduct any monthly premiums for health insurance from the patient's responsibility. Medicaid will pay the remainder of the bill owed to the SNF. Navigating Complex Scenarios:There are also more complex scenarios that a Florida long term care financing solutions company can help you with. For example, having a community spouse to which you can divert income can reduce or eliminate the amount you owe to the skilled nursing facility. These nuances can be difficult to understand and navigate, which is why it's so important to seek the help of a professional.Seek Help from a Florida Long-Term Care Financing Solutions Company:When you're already under immense stress and pressure to help your loved one that is needing care, the complexities of Medicaid benefits can be overwhelming. That's why it's important to seek the help of a Florida long term care financing solutions company such as Platinum Benefit Services. Their team of professionals can help you understand the nuances of Medicaid benefits, navigate complex scenarios, and make informed decisions about your loved one's long-term care.Conclusion:Platinum Benefit Services is a trusted Florida long term care financing solutions company with extensive experience helping clients obtain long-term care Medicaid benefits. If you or a loved one need assistance navigating the complexities of Medicaid, contact us for expert guidance and support.
Medicaid planning is a strategy that can safeguard the future of senior citizens. This is a complex process, and it needs thorough consideration of various factors to ensure maximum benefits. Here is a list of 6 essential factors to remember during Medicaid planning for senior citizens.Eligibility Criteria:One has to meet certain parameters to avail of the benefits of Medicaid. Therefore, it is important to understand this requirement before proceeding with Medicaid planning for senior citizens. The income limits can be varied by state. The asset limits also vary, and assets like cash, investments, and property are considered.Asset Protection:Protecting the assets while availing the Medicaid benefits is also an important consideration that the applicant has to consider. Experienced attorneys implement various strategies like altering countable assets to exempt assets to protect the applicant's interest. Sometimes, prepaid funeral plans and particular annuities can also be used to protect assets during Medicaid planning for senior citizens.Lookback Period:Medicaid has a certain "lookback period." During this time, if any assets get transferred, they will be reviewed. Though this lookback period varies by state, it typically lasts five years. If the asset transfer has occurred during this period for less than the market value, then Medicaid may penalize that individual. Planning accordingly and avoiding improper asset transfers during this period is crucial in such conditions.Income Planning:Applicants with more than the Medicaid income limit must establish Miller Trust to get Medicaid benefits. This trust helps to deposit the excess income and use the money for future medical expenses. However, before going ahead, it is crucial to understand the specific rule associated with creating and managing trust.Long-Term Care Planning:Medicaid covers long-term care services that seniors require. This service can be availed at a nursing home or in the home. While considering Medicaid service, it is important to consider which specific care the senior needs and whether they can align with the Medicaid coverage in that state.Estate Planning:Estate planning is part of Medicaid planning. It mainly focuses on meeting the senior's wishes while maximizing Medicaid benefits. This planning phase involves creating a will, establishing trusts, or drafting power of attorney. Estate planning helps to protect assets from unwanted heirs.Conclusion:Medicaid planning for senior citizens is complex, and many rules and regulations are involved. Understanding the eligibility criteria, and other aspects is crucial for maximum benefit. Therefore, hiring any senior citizen attorney to handle this process is recommended. We at Platinum Services can guide and assist you in your Medicaid planning.
Platinum Benefit Services, Inc. is committed to helping families gain maximum government benefits for Long Term Care and providing both compassion and application expertise. Since 1996, we have helped more than 10,000 families qualify for Medicaid while strategically protecting an estimated $1,000,000,000 in assets in conjunction with appropriate legal counsel.Platinum works diligently to process all types of long-term care applications with a specialization in complex nursing home applications for families who employ high end asset protection strategies. Platinum Benefit Services, Inc. are experts in the field of nursing home Medicaid application processing.