Effective Strategies To Meet Your Immediate Needs

If your family has found itself in a "crisis" mode regarding nursing home costs in Dubois County or surrounding areas in southeastern Indiana, the Jasper law office of Krodel Law Office, P.C., is ready to help.

It is said that no battle plan survives the first cannon shot. Many spouses and families with long-term estate planning strategies in place suddenly find themselves confronted by unexpected turns of events. In some cases, one spouse has a stroke at a relatively young retirement age. Or, perhaps one spouse is already in a nursing home but the spouse at home dies unexpectedly. Despite the best-laid plans, families are frequently caught off guard and need immediate legal remedies to protect lifesavings from the unbearable costs of nursing home care.

First — Protecting Your Immediate Assets So You Can Breathe

For a large percentage of married couples trying to raise a family, the monthly premium for long-term care insurance was never a real financial option. That isn't poor planning; that is a reality. Adult children of elderly parents, therefore, are often confronted with decisions about using their own assets to pay for the cost of long-term care for one or both parents. At the average monthly nursing home cost of $6,500 (and rising every year), it just isn't possible to contribute to the cost for more than a month or two without destroying college funds and retirement savings.

I will sit down with members of your family to assess your current circumstances, including what estate planning strategies may already be in place. Then we will work together to put remedies in place that will offer immediate protections for family assets, which may include:

  • Establish and administer a Medicaid Asset Protection (MAP) trust
  • Placing the primary residence in a trust, allowing the spouse at home to remain in the house until death or downsize into another residence
  • Determining how pension and qualified retirement annuities may have an impact on paying for care
  • Placing monetary and nonliquid assets (securities, car, boat, recreational property, etc.) into an appropriate trust or in crisis planning, purchasing qualified assets

Explaining The MAP Trust

A Medicaid Asset Protection (MAP) trust allows you to align assets and investments to achieve eligibility after the lookback period for Medicaid, without delay and without paying for private care. The spouse at home ends up with the use of the entire estate while the spouse who needs care is eligible for Medicaid benefits. The spouse at home keeps his/her income. Any income from the spouse in a nursing facility may be set aside for the spouse at home as well. With proper planning, the finances are protected, the spouse at home is at peace and the spouse in the nursing home is well-cared for, leaving the family to focus on caring for each other.

Providing Long-Term Solutions So You Can Breathe Easier

After putting remedies in place to help your family through the immediate nursing home crisis, there are long-term solutions I can help you with as well, including:

  • Applying for federal Medicaid assistance, pursuant to the State of Indiana's rules to qualify for eligibility
  • Making certain that an unexpected community spouse's death doesn't destroy the eligibility of the spouse in the nursing home
  • Drafting or updating last wills
  • Establishing trusts to fulfill your family's needs
  • Real estate title transfers
  • Business succession planning
  • Other important steps to avoid a future crisis

Keep Calm And Talk To Me

Panicking and making short-sighted decisions won't help your loved one or your family. Krodel Law Office, P.C., often can. To learn more about your options in estate planning, elder law and more, contact our office today. Call 812-482-4264 or contact us online.