Long Term Care and Medicaid Spenddowns
With Nursing Home Costs in Wisconsin often surpassing $120K per year, many adults are concerned with how they can afford care. Attorney Justin Randall visited Local 5 Live to discuss Medicaid Spenddown.
Lisa Malak: A new survey shows between 50 and 67% of Americans don't have an estate plan, yet it's one of the most important things you can do for your family and the people you care about.
Millaine Wells: Attorney Justin Randall is here from Hooper Law Office to start that conversation. Good morning.
Justin Randall: Good morning.
Millaine Wells: So what is an estate plan?
Justin Randall: An estate plan is where you're laying out what you want to happen with what you have after you pass away. But not just what you have, how you want it to pass on to the next generation. If there's any sort of special considerations to take into account.
Lisa Malak: What are some common reasons that people might put off making an estate plan?
Justin Randall: I think the common one most are the most common one we deal with is people don't want to think about it a lot, which is understandable. But sometimes they've been given bad advice or they've, you know, the ever dangerous Internet advice read something that told them, oh, you don't need this type of plan or just go ahead and do this. And unfortunately, it does cause problems when people don't have a plan in place.
Millaine Wells: So let's talk about the benefits of estate planning.
Justin Randall: So, I mean, the biggest benefit is not just planning for what you have but making sure that it passes to that generation in the best way for them. People have different special considerations, different needs, and you want to make sure that what you're leaving to them doesn't cause any issues for them either.
Lisa Malak: So how are your affairs handled after death if you don't have a plan?
Justin Randall: So the state of Wisconsin was kind enough to write everybody a will. It's the statutes in Wisconsin actually do tell people what will happen to their estate after they pass away if they don't have a will in place. The problem is, is that it's often not what people would want, or maybe it's not as protected as people would want. So it's always better to plan with intention than it is to just rely on default.