PROTECTING YOUR LIFE SAVINGS
Nursing home care costs about $7,000.00 per month. $84,000 per year. At that rate, a married couple would completely spend their life-savings of a half-million dollars in three years! Many times it goes even faster than that. No matter how much you have saved throughout your life, eroding it at that rate would be devastating. When you retire, wouldn’t you prefer to leave something to your children, your grandchildren, or your church?
We, as tax-paying contributors to the Medicaid system, have helped build a government program to pay for nursing home costs. But, not everyone is eligible. Governmental rules may require someone to spend all their assets five years before qualifying. Some portions of personal assets may be exempt, like their personal residence, automobiles, pre-paid burial contracts and burial spaces.
To pay for Medicaid, the government can even make a claim upon their house after their death; or worse, before their death. With advanced legal planning you can make the most of, and preserve your assets, the way leaders of many other successful families have done.
Talk with an estate planning attorney familiar with these elder law issues now. An estate planning attorney familiar with these elder law issues can help you learn these rules and create an estate plan. Your estate plan should work to benefit and care for you, your financial needs, and your loved-ones.
By using common tools, like Wills, Trusts, Powers of Attorney, Living Wills, Medical Surrogates, and Nominations of Guardianship your elder law estate planning lawyer will be able to advise you about when to change your plan to best preserve the assets you have. Every family situation is different. Seek competent, experienced legal advice to help you plan.
If you own a business, have you planned who would take over the business after you are no longer able to? And how would they pay your estate the value of the business? Your estate planning attorney familiar with these issues can insurance planning to address those financial needs.
We have experience in both Personal Estate, as well as Business Succession Planning for our clients in Boone, Kenton, Campbell, Grant, Pendleton, Gallatin and Owen counties in Kentucky; Hamilton, Clarmont, Butler and Warren counties Ohio. Plan now to create a legacy to leave something better for your children.
If you would like more information, please call
MICHAEL A. O'HARA, PLLC