Estate Planning for Parents and Loved Ones
The costs of a nursing home stay or other long-term care can be devastating to a family's finances. At an average cost of $7,500 per month in the Toledo, Ohio area, an extended stay in a nursing home can quickly cause a family to lose their life savings. If you have a spouse or an elderly parent who is in a nursing home already, or if you see that is a possibility for the future, you need to learn how to protect their assets from a nursing home spend-down or other healthcare related issue.
Long-term care planning is a critical element in setting up the estate plan of an elderly family member or yourself. It can help make sure your parents and elderly family members are being taken care of, and guarantee that their assets will be protected.
Being Proactive in Long-Term Care Planning can enable you to:
- Reduce or even eliminate nursing home bills
- Protect your spouse from a nursing home spend-down
- Protect your life savings you worked so hard to earn
- Increase the amount of income you actually get to keep
- Pass on an inheritance to your children (without vulnerability)
- Save the family home or any other important family assets
Types of Long-Term Care Planning
Depending on when you start your long-term care planning, you will have different options available to you. In our office, we distinguish between two types of long-term care planning situations: proactive planning and crisis planning.
Proactive Planning is that planning which is done before any person is in a nursing home, or before their nursing home stay is imminent. It can be done as early as desired, and can be as late as one year before a nursing home stay. With proactive planning we use asset protection trusts to shelter your assets. Because this planning is done in advance, it is less expensive and easier to implement.
When a loved one is in the nursing home already, or if nursing home care is needed within a few months, we refer to this planning as Crisis Planning. With Crisis Planning, there are many different tools available, depending on the particular circumstances. This planning is more complex, and is more expensive to implement. However, the planning is done so that the person immediately qualifies for Medicaid benefits, making Crisis Planning extremely effective and valuable.
Perrysburg’s Estate Planning Experts
Long-term care planning is a complicated and daunting subject, especially when you or your family member is in immediate need. But with the right guidance from Chamberlain Law, an effective plan can be created for you and your loved ones. It’s something that everyone should look into if they are concerned about the cost of nursing home care and want to preserve and protect their assets.
In order to really understand how long-term care planning can work for you, you need to have a private consultation with an attorney who is experienced and knowledgeable in this area of the law. Our attorneys will be glad to meet with you in a no cost, no obligation private consultation and help you understand the impact that long-term care planning can have on you and your loved ones.
Contact Chamberlain Law, Perrysburg’s Estate Planning attorneys today at 419-872-7670 today to schedule a free consultation to discuss your estate planning needs. No matter what the situation you or your loved one may be facing, we can help.