Are you concerned about the impact that the cost of long-term care will have on you and your family? Medicaid planning can help protect against a devastating financial situation by preserving assets. We can help you with Medicaid eligibility, applications, and appeals. Ask us to review nursing home contracts or discuss guardianship and caretaking needs after incapacitation due to Alzheimer’s or Parkinson’s Disease.
Medicaid planning helps you deal with the costs of long-term care using certain legal strategies available under federal and Illinois law. If done correctly, Medicaid planning can help you to protect yourself, your spouse, and your family without risking assets or sacrificing your preferred level of care. You can protect:
Changes to state and federal laws and rules for applying and qualifying for Illinois Medicaid create obstacles to achieving long-term care goals. We have over 30 years of experience preparing and implementing Medicaid and other asset protection plans at Elder Law & Estate Planning Attorneys of Illinois, LLC.
The sooner you develop and implement a plan, the more options you have to succeed. Medicaid planning strategies allow you to preserve assets for your family, retain numerous tax advantages, and continue to enjoy the benefits of the assets. However, this strategy must begin five years before the need for long-term care unless you have sufficient assets or long-term care insurance that will allow you to meet your strategy more quickly.
If you think you might do Medicaid planning at a later date or want to preserve options to change your mind, then it is essential to have durable powers of attorney and other estate planning documents revised or updated routinely. Ensure someone you trust has the legal authority to act on your behalf. If you wait too long, cognitive decline can prevent you from preparing or updating these documents.
Long-term care insurance does not replace Medicaid planning. If you have long-term care insurance, you should still develop and implement a Medicaid or asset protection plan. You’ll be able to protect a much greater percentage of your assets for your spouse or family.
You can still benefit from Medicaid planning even if you are already in a nursing home. You or your loved one may still retain cognitive capacity or have executed durable powers of attorney and trusts that let others act on your behalf. Depending on how much remains in assets, certain strategies can preserve up to 50% of the remaining assets while qualifying for Medicaid.
Elder Law & Estate Planning Attorneys of Illinois, LLC assist you with long-term care planning and represent you in the complex Medicaid application process. If you know that you or your loved one will run out of money soon, we can help you complete the application process. Our attorneys save you time and money by completing the application process correctly the first time.
Schedule a consultation with one of our experienced attorneys to protect what matters for your family.
CONTACT US or call (847)253-7500 to schedule an appointment.
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Elder Law & Estate Planning Attorneys of Illinois, LLC3325 N. Arlington Heights Road, Suite 500Arlington Heights, IL 60004Phone: 847-253-7500Fax: 847-253-1904E-mail: firstname.lastname@example.org