13 Oct Off
Concerns about the skyrocketing costs of nursing home care are supported. Some reports indicate nursing home care in Wisconsin costs has risen above the national average. For quality care, many cost $12,000 per month or more. Medicaid may foot the bill, but without proper planning, an individual is typically required to spend his or her life savings before Medicaid steps in.
There are several ways you and your parents can protect their assets and protect them from losing their life savings to a nursing home. Let us share the following with you and your parents regarding long-term care planning:
- Encourage your parents/loved ones to start planning now. Being proactive can make a big difference when it comes to estate planning. Take time to have a conversation with loved ones to determine whether any estate planning has been done. Organize all estate planning documents and other financial documents, such as documentation of bank accounts, investment/retirement accounts, pensions, life insurance, etc. By organizing documents in advance, you can reduce stress and costs for loved ones.
- Proactivity is important for the health of your loved ones. Seek the advice of medical professionals specializing in preventative healthcare to better avoid health risks that may increase with age. Be sure every adult in the family has a Medical Power of Attorney on file with their primary care physician and a local hospital. A Medical Power of Attorney allows an individual to appoint a trusted family member or friend to make healthcare decisions on his or her behalf in the event of incapacitation.
- Finally, with the rising costs of long-term care, schedule a complimentary consultation with an elder law attorney in your area who specializes in Medicaid, tax, and estate planning. Attorneys specializing in these areas have the training and experience to consider whether your estate planning documents will allow your assets to be protected and any positive or negative tax consequences. It is important to consider all aspects of estate and asset protection planning to ensure the best possible outcome for your loved ones.
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