Are you worried about the cost of nursing home care for yourself or for a parent? The average cost of a semi-private room in an Illinois nursing home is $63,875, and for a private room, it is $78,840 a year. There are asset eligibility caps to qualify for Medicaid, also called the Medical Assistance Program in Illinois. An elder law attorney who understands Illinois trusts and estates law might be able to help protect your assets for future needs and help you qualify for Medicaid assistance. A trusts lawyer can also help a senior citizen who needs nursing home or in-home healthcare avoid “spending down” their assets and to make sure that they are legally protecting their assets.
What Is Medicaid Planning?
Medicaid planning is a part of estate planning. To qualify for Medicaid benefits in Illinois, 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 law attorney can help you with proactive estate planning.
Someone who has too many assets to be eligible for Medicaid can consult a Medicaid Planning Attorney to put their assets in a trust. A Medicaid Asset Protect Trust, or Medicaid Trust, is a type of irrevocable trust that protects a Medicaid applicant’s assets from being counted for eligibility purposes. Someone’s assets that exceed the Illinois eligibility limit can be protected in a trust instead of “spending down” their assets.
Medicaid planning and creating a trust to protect your assets requires the assistance of a skilled trusts and elder law attorney who can evaluate your situation and provide guidance customized to your specific needs.
Learn More:
• May Is National Elder Law Month
A compassionate and experienced Lombard elder law attorney can explain help you protect your assets with Medicaid Planning and a Medicaid Asset Protection Trust. For more information about how an elder law attorney can help you, contact the Estate & Probate Legal Group in Chicago Illinois today at 630-864-5835.
