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Medicaid planning isn’t something most people think they’ll need, but, with life expectancy rising due to healthier lifestyles and advanced medical technology, there’s a chance you’ll need Long Term Care in the future. This is particularly true for those who have been diagnosed with a progressive disease such as dementia or Parkinson’s. Nursing homes cost thousands of dollars each month, so your assets would be exhausted at lightning speed. Unfortunately, Medicare doesn’t cover the cost of Long Term Care. Thankfully, Medicaid is an available resource.
In order to use Medicaid for Long Term Care, you have to be eligible for Medicaid benefits. Medicaid planning restructures your assets to enable you to qualify for Medicaid. With proper planning, you can avoid spending a fortune to pay for Long Term Care. You may be thinking, “It isn’t fair to protect my assets to qualify for Medicaid because it’s meant for the poor.” However, there are existing state and federal laws that allow for Medicaid planning to protect your estate. Choosing to use these existing laws to your advantage is often compared to using tax rules to limit your tax liability each year. A middle-class family facing the need for Long Term Care would quickly be devastated by the costs without Medicaid as a resource.
The Berg Law Firm is here to help you develop a comprehensive plan to protect your legacy in the event Long Term Care may be in your future.