In our fast-paced world, it can be hard to wait to see the results of an investment of time and money. By definition, estate planning asks you to do just that. You pay a lawyer now to put together a plan that will save you, your family, and your estate money 10, 20, or even 30 years from now. Despite the delayed payoff, it is especially important that you do the kind of planning that comes under the category of elder law—including planning for how you are going to pay for long-term care.
Why Hiring Littlejohn Law Now Is a Smart Financial Decision
When you sit down with our estate planning attorneys, we will do what we call a Long-term Care Evaluation. We will look at your retirement plans, bank accounts, and other assets and use our cost estimator to determine how long your money will last if you have to pay for a nursing home out of pocket. We will then explain how various estate planning tools can help you accomplish the following:
- Afford a quality nursing home. Medicare does not pay for nursing homes beyond the first 100 days, but Medicaid does. There are steps you can take now to ensure that you meet the income requirements to qualify for Medicaid if you need a nursing home one day.
- Protect your assets from creditors. An asset protection trust can make sure your savings and other property are protected from creditors, legal judgments, and the government.
- Keep your family home. In some situations, you might be forced to sell your home to cover the cost of a nursing home. Our team can make sure that won't happen.
- Lower your tax burden. With specific kinds of estate planning, there are ways to minimize your taxable income and shield your heirs from probate costs and taxes.
Setting up these tools does require some up-front investment, but it is well worth it in the long run.
Contact Our Experienced Estate Planning Attorneys Today
When it's time to think about elder law issues such as planning for your retirement and long-term care, our team has the skills and experience to help you form a comprehensive plan. We are your estate planning attorneys for life—and we want you to live a long, prosperous one! Contact us today to learn more.