Medicaid Eligibility Planning:
The first choice for anyone who needs long-term care is to receive it in their own home or that of a loved one. However, in some cases, that’s not an option, or care needs and the burden of meeting them become so great that it’s no longer a workable option.
The alternative of institutional long-term care can prove very expensive, especially in the case of nursing home care. The single most common financial outcome when someone enters a nursing home is that they start out paying for their own care, and end up on Medicaid. Sadly, that most often occurs under circumstances in which they lose everything – their lift savings, their home. And even those who make it through with some of their life savings intact have blown through much of it, with a reduced ability to leave an inheritance for their spouse and children.
Fortunately, with our help, it doesn’t need to be that way. By skillfully applying our knowledge and legal talents, we can assist you with “Medicaid eligibility planning”, the process of legally protecting assets from being lost to the financial devastation of nursing home (and, in Illinois, supportive living) costs. We are able to help protect at least half, and in many cases much more or even all, of a person’s or couple’s remaining life savings. That’s even the case for someone who is already a nursing home resident – despite the “five-year look-back” rule. If you have assets left, even if it’s only a residence and not money, you have assets left to protect.
Our planning is always done within and consistent to the rules. You don’t have to worry about any risk of getting caught trying to “hide assets”. Think of it like the difference between tax planning (good) and tax evasion (bad).