As you enter into your golden years, it’s common to want to avoid worrying about potential disabilities or death. Being proactive with your disability planning will be a big stress relief, and you will know you took the appropriate steps to protect yourself, those you love, and your assets. Sadly, too few people plan for a disabling event, and the outcome of not planning can be detrimental for all loved ones involved.
Detroit Medicaid Planning
Medicaid planning can be complex and confusing. Preparing for your elderly years with an experienced Southeast Michigan attorney, like Wall Law, can ensure your health care needs are met without spending your life’s savings on the cost of long-term care. Medicaid planning can be a great benefit toward protecting your assets, depending on if you need in-home care or nursing home care. Without Medicaid coverage, you or a loved one will become responsible for paying out of pocket for the expensive monthly cost of long-term care.
MICHIGAN ANNUAL MEDIAN COST OF CARE (2019)
|IN-HOME CARE||COMMUNITY/ASSISTANT LIVING||NURSING HOME FACILITY|
|Homemaker Services $53,624||Adult Day Health Care $20,215||Semi- Private Room $100,481|
|Home Health Aide $53,768||Assisted Living Facility $48,000||Private Room $111,508|
Asset Protection from Metro Detroit Nursing Homes
As our aging population lives longer, the cost of long-term care – like nursing home care – comes with a high price tag. Medicaid planning allows for seniors and their loved ones to plan for the financial challenges that comes with long-term care in Southeastern Michigan. There are many methods to safeguard your assets and qualify for Medicaid in Michigan without spending down your hard-earned assets. Our experienced Detroit attorneys can help you and your loved ones create a plan to protect your assets from being depleted on nursing home care costs.
At Wall Law we can help you plan for the unwanted and unexpected. These are just some of the disability and immediate pre-death planning services (for the terminally ill) that we may provide:
- A review of all provisions of the Living Trust and other related documents to be sure they are properly up-to-date with changes in the law and your needs, ensuring beneficiaries are properly provided for.
- The transition of matters to the Successor Trustee now so he or she may assist you and your beneficiaries immediately.
- The making of gifts or other planning to reduce the size of your estate, thereby reducing or eliminating federal estate taxes.
- The installation of your “attorney in fact” appointed under your Durable Power of Attorney, where appropriate, so that he or she can attend to some immediate financial details.
- Making sure all your assets are owned by the Trustee where appropriate and checking on beneficiary designations to certain assets such as IRAs.
- Assisting you in obtaining Medicaid benefits to pay for nursing home expenses.
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Wall Law is your Metro Detroit lawyer for life and can help you understand your planning options to preserve your wealth and family values for future generations. Have peace of mind, contact us today, and learn more about how we can help meet your disability and pre-death planning needs in Oakland County, Wayne County, Macomb County, and surrounding Metro Detroit areas.