Planning For Nursing Home And Long-Term Care
As individuals age and experience a decline in physical or mental health, the time may come when they need to hire in-home nursing care or move permanently into an assisted living or nursing home facility. The costs associated with these types of nursing and residential services can total thousands of dollars each month, and they are only expected to continue to increase in the coming years.
Think about it: if you or a parent needed nursing home care tomorrow, would you be able to afford the bill? For many Ohio residents, the answer is no, which is why it’s so important to be proactive and take steps to plan for long-term care needs.
At Kroener Hale Law Firm, our knowledgeable attorneys sit down with you to discuss your needs, answer your questions and discuss possible long-term care options. For many individuals, an important part of long-term care planning centers on asset protection and Medicaid planning. By thoroughly reviewing important financial information, including your assets, annual income and investments, we provide guidance and help you select the most advantageous options for preserving your wealth.
By utilizing asset protection strategies, including irrevocable trusts, long-term care insurance and annual gift allowances, you can keep more of your wealth to ensure for a spouse’s continued standard of living or your heirs’ financial security.
How Will You Afford Long-Term Care?
Medicaid is a government assistance program that can help offset the high costs of nursing home care. Eligibility requirements are based upon need, and consequently, even individuals of relatively modest wealth don’t qualify.
Our attorneys tailor individualized asset protection plans that allow you to keep more of your money and also qualify for Medicaid. By being proactive and taking steps to plan for your long-term care needs today, we can help you ensure that a spouse is able to stay in your family home and that your hard-earned savings and investments aren’t depleted within a matter of months.
To learn more about our long-term care planning services and how we can help you and your family, call a lawyer at our Batavia law firm today at 513-716-5940 or send us an inquiry by filling out our online contact form.
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