Medicaid attorneys provide asset protection help to people of all ages. While making an asset protection plan is something everyone should do, it is especially common for seniors to take advantage of the services provided by the compassionate and knowledgeable Medicaid lawyers at Nirenstein, Horowitz & Associates.
As you get older, your risk of going into a nursing home rises. In fact, the Wall Street Journal indicates anyone who has reached 65-years-of-age has a 40 percent chance that he or she will need nursing home care some time during the rest of his life.
Your risk of suffering a serious illness or becoming incapacitated by injury or illness also rises as you get older, which means you need to make plans to protect yourself, your family and your wealth in case this happens to you. The Medicaid attorneys at Nirenstein, Horowitz & Associates are here and ready to help, so give us a call today to find out about the assistance we can offer.
The Importance of Asset Protection As You Get Older
The risk of going into a nursing home is a big threat to the assets of senior citizens because the older you get, the greater the likelihood that an illness or age-related infirmity will make it impossible for you to continue living independently. A nursing home could cost thousands of dollars each month and is often unaffordable for most people; but unfortunately it is also not covered by most insurance.
Medicare only pays for skilled nursing care, while most older people who need nursing home care or long-term care at home don’t need skilled care but instead need basic help with activities of daily living. Because you can’t get insurance coverage to pay for your nursing home, you will be at risk of losing your life savings quickly by spending it on a nursing home if you cannot find an outside source of payments. Medicaid will pay, but only if you have limited assets — which is why it is so important to work with Medicaid attorneys to ensure your wealth does not count as a resource when you try to get Medicaid to cover you.
Your wealth is also at risk as you get older because money and property could be lost due to mismanagement and neglect if you become incapacitated and there are no plans in place for who will manage your money and property. Many types of assets and investments need careful monitoring, and someone needs to be in charge of taking steps to protect these assets.
If you haven’t made a plan and you become incapacitated, your loved ones could be forced to go to court and have a guardian or conservator appointed to manage assets and make decisions. The delay before a guardian is appointed could cause financial loss. The appointment of the wrong guardian who doesn’t have the knowledge to manage your assets could also lead to your wealth declining, jeopardizing your financial security and your ability to leave a legacy.
Your assets are even at risk of being lost after your death due to high costs of the probate process and estate tax. You don’t want your assets to be reduced after you pass away, as there will be less for you to use to create your legacy and provide for your loved ones. This is why you need to make a comprehensive asset protection plan as soon as you can as you are getting older so you can find ways to keep your wealth safe as you age, during the end of your lifetime, and after you have passed on.
Getting Help from Medicaid Attorneys
Medicaid attorneys at Nirenstein, Horowitz & Associates will work closely with you to identify the risks to your assets that could arise as you age. We can also help you to mitigate and minimize those risks through the creation of a Medicaid plan and through the use of other asset protection tools.
To learn more about the risks to your wealth and the ways in which our legal team can help to protect your assets from loss, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to talk with Medicaid attorneys at our firm who will help you to make a personalized asset protection. Just give us a call today to find out more.