Many senior adults are worried about how to protect their assets and the future of their loved ones if they need long term care. An elder law attorney can provide legal assistance with Medicaid planning to protect your assets. Many people think they have too many assets to qualify for Medicaid and government assistance to cover long-term care costs.
The U.S. Department of Health and Human Services says a person turning 65 has nearly a 70% chance of needing some type of long-term care for their remaining years. Medicaid is a program that helps people in need pay for long-term care.
Long-term care is expensive. Private nursing home care can easily cost over $100,000 per year. To qualify for Medicaid benefits in Illinois, the government will consider both your income and assets. Your assets cannot exceed a certain amount and the asset amount depends on certain factors. There are estate planning legal strategies so that you can qualify for Medicaid if you need long-term care, and preserve your assets for your spouse and heirs. If you are concerned about the cost of long term care, or if a loved one needs help with estate planning, an elder lawyer can help you with proactive estate planning.
Elder law is a range of legal issues that people encounter as they age. An elder law attorney has experience in different areas of estate planning law that can help individuals plan for the future and address problems as they arise.
Some of the most common legal matters which elder law attorneys help with include:
An elder law attorney who understands trust and estate law can help preserve and protect your assets for future needs, including long term care.
When it comes time for advice about Medicaid and estate planning, guardianships, nursing home issues, or other legal concerns, an elder law attorney could help. To discuss your situation and learn more about getting help from a dedicated and caring lawyer, call us today to set up an initial consultation at 630-864-5835.
AREAS WE SERVE: Cook, Dupage, Kane, Lake, and Will counties