Medicaid and Nursing Home Planning is an extremely fast-growing sector of law and is our fastest-growing practice area. With nursing homes costing $5,000 a month or more, the expense can wipe out a lifetime of savings in a hurry. Few people have insurance to cover the expense, leaving many wondering how they’re going to pay.
Most people facing an extended or permanent stay in a nursing home wish to keep as much wealth in the family as possible, instead of paying it all to the nursing home. With careful planning, in many circumstances, one can obtain Medicaid benefits to pay the cost of the care while preserving a significant amount of assets for the family.
George Lovett has spoken and written on the Medicaid and Nursing Home Planning issues dozens of times to lawyers, nursing home administrators, and families. The attorneys at Lovett & Lovett Co., LPA have the experience to address the broad range of concerns posed in these cases, such as:
- What happens to the spouse remaining at home?
- What assets can be kept?
- Who can be involved in the planning and who cannot participate?
- What documents should we have?
- When it is appropriate to make gifts?
- What are the tax consequences to making gifts?
- How much can I give away in a gift?
- Who should make the gifts? Who cannot make gifts?
- How should all members of the family be treated?
- Can a trust be useful?
If you or a loved one face a permanent nursing home stay, or if you are considering assisted living, we can help you plan for these matters. We may be able to help your family retain some of your hard-earned dollars, instead of spending it all for nursing home care. For more information about Medicaid and Nursing Home Planning, read the articles written by experienced attorneys.
Contact us for an initial consultation. We’ll answer your questions and let you know how we can help.