Elder Law is an aspect of estate planning that focuses primarily on the changing needs of individuals and families in the later stages of life. You may want to ensure your loving parents and grandparents can age gracefully with the dignity and independence they deserve. Some significant concerns that come up as we age include housing, residents’ rights, long-term care, and Medicaid.
Housing
The death of a spouse, declining health, or safety concerns can all trigger the need for a senior to move. Breaking old emotional ties is hard, which makes finding a new home that feels appealing and accommodating a challenging task.
Long-Term Care (LTC)
Statistically, over half of all seniors will spend at least some time in a nursing home facility before passing away. The average annual cost of most LTC facilities in Tennessee in 2022 is about $95,000, which breaks down to $8,000 and more per month. Options for paying for long-term care services include:
- Paying out-of-pocket for in-home nursing care
- LTC insurance policies
- Medicaid
Most families can’t afford to pay privately and do not have long-term care insurance. They may not believe they can qualify for Medicaid, but in many cases, estate planning strategies result in meeting eligibility requirements.
Estate Planning
Estate planning tools that may help the elderly achieve their goals are:
- Testamentary trusts for a surviving spouse combined with appropriate asset allocation recommendations
- Irrevocable gifting trusts
- Transfers to a d4A or First-Party Special Needs Trust for a disabled person
By distributing your home and assets correctly according to Tennessee state laws, you may become eligible for Medicaid.
Medicaid Planning
Are you considering a nursing home, assisted living facility, or other long-term care for a loved one? Do you want to protect your future and assets from the potential need for long-term care?
Some people need temporary care in a nursing home, but longer stays average about three years for those who need 24-hour care that their families can’t provide.
The average annual cost of most nursing home facilities in Tennessee in 2022 is about $95,000, which breaks down to $8,000 and more per month. Many families plan for their retirement and make estate plans but neglect to make plans to protect their assets should they need long-term care. This is particularly important during the Medicaid qualification process.
Rebecca started Belle Vie Legacy Law, PLLC in White House, Tennessee, and has been committed to helping business owners and families navigate the legal processes of estate planning, business planning, elder law, probate and trust administration, and special needs planning.
Choosing an Elder Law Attorney for Medicaid Planning
An elder law attorney can meet with you and your family to develop a plan to protect family resources should you or a loved one need long-term care.
Proactive Planning – By planning at least five years before care is required, we can preserve many of your assets during your lifetime, so you have more to pass to family members after you are gone.
Crisis Planning – Even if you don’t plan ahead and have an immediate need for long-term care, multiple strategies may be used to protect your assets. We can develop a plan to cover your expenses and get you approved for Medicaid benefits faster.
Rebecca started Belle Vie Legacy Law, PLLC in White House, Tennessee, and has been committed to helping business owners and families navigate the legal processes of estate planning, business planning, elder law, probate and trust administration, and special needs planning.
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