Nursing Home Cost and Your Assets
Most of us do not really consider planning for nursing home cost. In fact, many people believe certain government programs will just kick in or some sort of automatic plan will be implemented. Nothing could be further from the truth.
While most of us do not want to consider ends time and potential health problems we still need to consider potential costs of health and nursing home care. If you are going to pay for your assisted living or any nursing home cost out of your nest egg you may not think you have a need to plan, however the cost associated can be daunting. Each year many firms such as AARP and various insurance companies put out
Medicaid Planning is a legal incorporation of documents within an estate plan that are designed to comply with the Medicare laws and the IRS regulations to reduce taxation, protect assets to qualify an individual for the federal and state plan in the event of the need of long term disability health care..
Strategies
Develop and Estate Plan
Develop a Financial Plan
The Downfalls of Not Planning
There is no law that states you must plan. Every citizen who qualifies is equally entitled to Medicaid. People want to know how much money is enough money not to plan. Per person in an average of a three year stay with ancillary medical care in a nursing home, you are going to need between $500,000 to $1,000,000 per couple. If you do not have that, your assets will be taken and you will be on Medicaid anyway.
Often it becomes an issue of saving money rather than a simple question such as, “Do I have enough money?” Even if you do have the million dollars saved, here are some of the risks and downfalls you face.
Market Risk
Taxes
Taxes to heirs
Inflationary risk
Creditor risk
Frivolous lawsuits
Setting Up and Estate Plan
A will is not sufficient to protect your estate from Medicaid. Your will is going to cost around 10% of the estate worth toward court costs and legal fees.
An estate plan is going to strategize and save the estate money because of the taxes you have already paid and the reduced taxes that the estate will have to pay upon you leaving this earth.
Setting Up a Financial Plan
A financial plan is going to incorporate all of your assets and needs support for life and provide stability against risk so that the assets and your estate grow in value.
Do I need a consultant or planner?
Yes you do. A good planner will save you money, not cost you money. Our planners know and understand products that will help your estate grow and protect your assets for all your life and life needs.
