Today we have some financing options to help you make the move from living on your own to living in a long-term care facility.
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Taylor Willingham joins me again today to talk about another estate planning topic. And, this time, our message is geared toward elderly individuals looking to move into a long-term care facility, such as a nursing home.
You actually have many financing options when it comes time to make this kind of move. First, you could choose to have a long-term care insurance plan that will take care of you. Some people also choose to do a long-term writer in a life insurance policy. Finally, you could choose to pay for it yourself. If none of these work for you, though, you can use an available government program.
If you served in the military for at least one day during a wartime, for example, you can use the VA program, which is Aid and Attendance. Also, please note that you don't actually have to have gone to war to qualify for this assistance.
If you are an elderly individual looking at moving into a long-term care facility, there are many options available. ”Another option is using Medicaid long-term care. A lot of people already have Medicare, but it's only paid for up to 120 days. After that, if you still don't have the money, Medicaid kicks in. This way if you only have enough saved for 1.5 years in a long-term facility, the government will step in and help. This is referred to as elder law.
As an attorney who practices elder law, Taylor says he helps with this planning and that there are three rules to guaranteeing this assistance.
1. You have to have a medical necessity of at least eight hours a day.
2. You have to make less than $2,205 per month. If you do make over this amount you can do a qualified income trust that will eliminate the rule.
3. You have to have less than $2,000 of countable assets. Your home, life insurance policy, and certain annuities are not counted toward this amount.
If you are running into the situation where you will need to enter a long-term care facility, you need to contact an attorney at law. To contact Taylor specifically, you can reach him at (214) 250-4407 or find him at willprobateattorneys.com.
As always, if you have any real estate questions for me or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be glad to help you.
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