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Medicaid and Long Term Care Planning
Friday, February 10, 2012 Planning For Long Term Care
The phrase long term care describes the shelter and health care options available for individuals who are no longer able to live without assistance. There are three options: The first is to remain in your own home with some type of in-home care. The second is assisted living and the third is a skilled nursing facility.
Wednesday, August 03, 2011 Should I Give All My Assets to My Children?
This would depend. More than any other type of estate planning, a good long term care plan must be tailored to the individual family and the family's assets. One size does not fit all. It is true that sometimes it will work to have your assets controlled by your children, but this is a small minority of the time.
The key to proper estate planning is to keep as much control over your life and your assets as possible. Giving your assets to your children does not achieve that goal. Not only are the assets out of your control, but they are also subject to all of your children's creditors, the stability of their marriages, their own health concerns and their financial difficulties. Good long term care planning protects your assets, whereas giving your assets to your children subjects the assets to additional risk. Assets should only be divested as part of a carefully crafted plan developed with the assistance of a qualified professional advisor. A carefully designed custom plan will allow you to keep the greatest degree of control. Wednesday, May 11, 2011 What is an Irrevocable Life Insurance Trust?
An Irrevocable Life Insurance Trust (ILIT) is a trust created for the benefit of someone other than the Trustmaker that removes life insurance proceeds from the insured’s estate and provides a vehicle with which to direct the proceeds of the policy. One significant benefit of an ILIT is that it passes the insurance proceeds estate tax-free to the beneficiaries. There are rules regarding selection of the trustee and careful consideration should be given as to which policies should be transferred to or purchased by the trust.
Tuesday, March 22, 2011 Long Term Care Insurance
Genworth Financial’s 2010 average Wisconsin prices for long term care:
Assisted Living $40,725
Private nursing home room $82,125
Many couples facing these annual costs ask “How can we afford care if one of us needs medical help?” People have several options: Some do nothing with the hope that they die without ever requiring long term care. Others plan ahead by divesting assets and/or establishing trusts. Still others look into acquiring a long term care policy. We recommend that you schedule a meeting with an elder law attorney to discuss your options and how you can coordinate your estate plan. | |
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With two offices in Wisconsin, the Wisconsin law firm of Hooper Law Office assists clients with Wisconsin estate planning, asset protection, trusts, wills, estates, probate administration, trust settlement, probates, medical assistance planning, Medicaid planning and eligibility, nursing home planning, long-term care planning, elder law, business exit planning, business succession planning, special needs planning, retirement planning, charitable giving, family limited partnerships, wealth transfer planning, and real estate and transactional law. With over fifteen years of experience practicing law, Hooper Law Office is an experienced estate planning law firm with attorney Foss Hooper. They are trust attorneys, probate attorneys, asset protection attorneys, Medicaid attorneys, elder law attorneys, corporate attorneys, and real estate attorneys serving Outagamie County, Brown County, Cities served include include: Appleton, Green Bay, Clintonville, Oshkosh, Fond du Lac, Shiocton, New London, Freedom, Sherwood, Seymour, De Pere, Kaukauna, Kimberly, Shawano, Pulaski, Oconto, Fremont, Stevens Point, Wautoma, Winneconne, Omro, Berlin, Ripon, Green Lake, Waupun, Beaver Dam, Lomira, Mayville, West Bend, Oostburg, Sheboygan, Plymouth, Manitowoc, Two Rivers, Kewaunee, Algoma, and Sturgeon Bay.
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