Millions of Americans require long-term care each year— and this care cost is big. How can you prevent your assets from being used to cover an extended stay in a nursing home or facility? Long-term care insurance is one option, but it can be expensive. Medicaid trusts offer a more affordable alternative that will protect your assets.
Close to three-quarters of Americans over the age of 65 will require some form of long-term care assistance at some point. Even though long-term care isn’t on the horizon for you right now, it’s likely that you’ll need it eventually. Why not prepare for the inevitable? Forming this specific trust will simply dissociate you from your assets, enabling you to get the assistance you need as soon as you need it— without losing the assets you hope to pass on to loved ones some day.
While long-term care insurance might sound like a safer bet, it’s a bet that will cost you a lot of money in the long run. Choosing a Medicaid trust will give you the protection you want without the hefty price tag that’s routinely attached to long-term care insurance.
Obtaining the services of an experienced elder care attorney is a step in the right direction. An elder law attorney will help you navigate the challenges related to issues that arise as you and your loved ones grow older. Port Legal specializes in Life Care Planning and Elder Care Planning, ensuring that our clients are properly cared for and their loved ones are protected in the event of their death. Port Legal is a member of Elder Counsel, an organization that focuses on providing quality elder law education. When you’re ready to discuss the many challenges that accompany aging, let’s talk.