Most advisors with older clients face an extremely important question:
Should your clients require long-term care, how will they pay for care without depleting their assets?
The unavoidable truth: Long-term care is expensive
Home care can exceed $8,000 per month and nursing facility care can exceed $18,000 per month. The expense of long-term care can devastate a family financially.
Medicaid can pay for long-term care, if your clients plan appropriately
Even clients who own homes and have additional assets can qualify for Medicaid and receive benefits to pay for in-home or nursing home care. However, Medicaid regulations are complex and there are strict eligibility rules that must be adhered to in order to obtain acceptance into the Medicaid program at the earliest time possible.
As a Certified Elder Law Attorney, much of our work involves helping our clients plan for and apply for Medicaid. For legal, tax and financial professionals, we recommend that you educate your clients on two important topics:
- What is a Medicaid Asset Protection Trust – also known as an Irrevocable Trust?
- What does applying for Medicaid entail? What does Medicaid cover? What are the eligibility requirements for Medicaid?
We can help to educate your firm and your clients.
Tully Law, PC is your Medicaid Resource
We offer a variety of resources to educate professionals and their clients about Elder Law overall and Medicaid in particular.
We offer presentations, webinars and articles.
If you have questions, need guidance or are interested in exploring education for your firm or your clients, please drop us a note at firstname.lastname@example.org