Nursing home and long term care costs can easily take all of the assets you wanted your beneficiaries to have. Medicaid will cover the costs of this care, but only after you have spent down your assets to become eligible for Medicaid.
Over the years, many tools and techniques, such as asset transfers, have been tried to gain eligibility for Medicaid. Almost all have been disallowed by the government. While there are some Medicaid-planning techniques that still work (at least until their use is ruled out), you need to be careful not to be taken in by anyone promising wondrous results.
How We Can Help You?
At the law firm of Phillips and Blow, PC, we believe that realistic planning for elder law is always better than buying someone’s “magic beans” that may or may not work and could even be harmful. Our elder law lawyers take a conservative and prudent approach, utilizing all of the tools and techniques legally available to you, such as special needs trusts and long-term care insurance. We practice in the south Denver metro area and throughout Colorado.
Turn to Us for Elder Law Planning
When you are over age 60, estate planning and tax planning become increasingly urgent. The Will that made sense for you at age 40 may not make sense when you are older, especially if you or your spouse are in a position where you may become incapacitated and need long-term care. We will help you prepare for questions such as:
What will happen if you move to a different state when you retire?
What will happen if one of you (either you or your spouse) needs to be admitted to a nursing home?
How can you avoid the need for guardianship if one of you should become disabled?