Medicaid Protection Trusts & Veterans Asset Protection Trusts Lawyers
Medicaid Protection Trusts & Veterans Asset Protection Trusts
The need for long-term care is common but the cost is staggering. Seventy percent (70%) of people over age 65 will need long term care during their lifetimes. The average nursing home stay is 2.4 years. The average annual cost of a nursing home room in the Cleveland Metropolitan area is $73,912.50.
Medicare pays the cost of a skilled nursing facility for up to 20 days, with a co-pay for the next 80 days. However, once Medicare coverage terminates, the individual must pay out of their own pocket. How can the average person afford to pay for nursing home or other long-term care? The answer is often Medicaid, Veterans Aid and Attendance Benefits or both.
The goal of the Medicaid Protection Trusts and Veterans Asset Protection Trusts are to put certain assets in Trust to protect them from long term care costs and, in the case of Medicaid Protection Trusts, Medicaid Estate Recovery. The Medicaid Protection Trust and Veterans Asset Protection Trusts have many advantages over an outright gift to a loved one. In the trust, the assets can be protected from creditors, divorce, or death of loved ones. It can also be used to preserve a step-up in basis upon your death, an income tax benefit.
For more information on Medicaid Protection Trusts and Veterans Asset Protection Trusts, contact our office.