Elder Law And Long-Term Care Financing
No one would want lose the nest egg built up over a lifetime to the cost of nursing home or long-term care. Yet this may be inevitable unless you take steps now to protect your assets. The sooner you act, the more effectively you can protect your assets.
The Law Office of Donald F. Hawbaker provides help with financial planning for long-term care in a nursing home or extended care facility. We serve clients of all assets levels in Griffin, Georgia, and other communities in the south metro Atlanta area. We offer a free initial consultation to discuss your goals.
Protecting Your Assets From The Cost Of Long-Term Care
A lengthy stay in a nursing home can exhaust assets that you hoped to pass on to your beneficiaries. There are steps you can take now to protect assets from the costs of long-term care. Here are some examples:
- Long-term care plans: Insurance companies provide long-term care plans that you can use to pay the cost of nursing home or other extended care you may need later in life.
- Medicaid planning: Medicaid is a government insurance program that covers nursing home care. However, you must spend most of your assets before you will be eligible for Medicaid. Medicaid planning is the process of transferring some of your assets to your beneficiaries. You must start the process at least five years before nursing home admission.
- Special needs trust: Through a special needs trust, you can provide assets to an incapacitated person without affecting his or her eligibility for programs such as Medicaid.
- VA trust: If you are a veteran who needs expanded and supplemental health care, Mr. Hawbaker can determine if you are eligible for benefits through the Veterans Administration.
As you get older, it’s important for your estate plan to assure the continuance of your family’s lifestyle, while protecting the value of your property and maximizing your control over your own affairs. Attorney Donald F. Hawbaker can help you plan for yourself, for a spouse or for elderly parents.
Contact A Elder Law Attorney Serving south metro Atlanta
To schedule a free initial consultation with Griffin Medicaid planning and asset protection lawyer Donald F. Hawbaker, call or text 404-857-2958 or complete our contact form for a free initial consultation.