Winter Park Nursing Home Planning Attorney
Nursing home planning may seem like something to deal with in the far distant future, but statistics from AARP reveal that this is a consideration for many Americans of all ages right now. More than half of people at or approaching retirement age will require long-term care at a nursing home or other assisted living center. The base price for these services starts at $44,000 per year, though costs can quickly mount to $92,000 per year for a private room. Because these amounts may be greater than what you can afford through your own assets or insurance, nursing home planning should be a priority to secure your future.
Our team at the Law Offices of Shea A. Fugate, P.A. focuses on a wide range of legal issues that specifically affect the elderly, including making arrangements for long-term care services and support. Please contact our firm to set up a consultation with a Winter Park nursing home planning attorney who can advise you based upon your personal needs. You can also benefit from reviewing some of the basics.
Benefits of Nursing Home Planning
You may experience a sense of sticker shock when looking at the costs mentioned above, which is why you must assess your current situation and determine how you can maximize your future goals through proper planning now. The primary benefit of making arrangements for your long-term care is being able to leverage Medicaid eligibility, while protecting your current assets and estate upon your passing. On this point, you should note:
- Your net worth, including assets and income, is the key to qualifying for Medicaid. If you are over the limit, you are not eligible for funds toward nursing home costs.
- Under certain circumstances, Medicaid regulations prohibit you from spending down your assets to qualify for benefits. There are penalties for attempting to transfer property for less than they are worth or within a certain timeframe.
- It is possible to take advantage of Medicaid regulations to legally spend down your estate, putting you below the net worth threshold and enabling you to qualify.
Options to Consider for Nursing Home Planning
Depending on your goals and family circumstances, there are multiple alternatives that allow you to arrange for and fund long-term care. A Winter Park nursing home planning attorney can advise you on:
- Making gifts during your lifetime that will not affect Medicaid eligibility, but will decrease your assets to ensure you qualify;
- Creating an irrevocable or other type of trust, which reduces your net worth once you fund it and lose control over assets that will no longer be considered for Medicaid; and,
- Florida’s spousal refusal rule, through which married couples can protect assets when one spouse requires nursing home care.
Call Now to Speak with a Winter Park Nursing Home Planning Attorney
If you have questions or would like more information on our services, please contact the Law Offices of Shea A. Fugate, P.A. We can schedule a consultation to review your situation, assess strategies, and help you achieve your goals for nursing home planning.