Elder Law Planning with a Dallas Lawyer

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At the Law Offices of Dan Chern, P.C., Dan Chern is dedicated to helping families and seniors with elder law concerns, helping them with some of life’s most important decisions. Our firm represents clients in Medicaid planning and asset protection. To get comprehensive planning for your future, speak with our team’s Dallas elder law attorney.

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Why is long-term care insurance important?

Many people make the mistake of believing that they don’t need long-term care insurance, thinking these expenses will be paid for by Medicare and/or private health insurance. But the truth is, neither Medicare nor private health insurance will cover all the medical care costs associated with certain types of care (assisted living, home health care, and daily nursing home costs). If you don’t have long-term care insurance or a large amount of cash available, it is a mistake to rely solely on the government. An unexpected illness or need for nursing home care or assisted living can eliminate your entire savings in as little as 4 years.

With the onset of aging, it becomes increasingly important to consider estate planning and your long term care options. If you cannot qualify for LTC insurance, you need to implement effective financial strategies to maximize income and assets in the most efficient manner. Preserving assets ensures that you or a family member will receive the best quality care regardless of the level of care, allowing for a spouse to maintain financial independence and the potential of passing on your estate.

Begin planning your long-term care options in a free case review.

How You Can Protect Your Assets

Many people have misconceptions about asset protection. There is confusion about what you can keep, what you must sell, types of assets that are protected, gifts you can make, trusts that will or won’t protect your home, etc. While some seniors want to pass the majority of their assets to their children and grandchildren, most seniors want to protect their home and assets from catastrophic nursing home costs. Anyone over the age of 55 should be very concerned about protecting and preserving their assets.

Many people have misconceptions about asset protection. There is confusion about what you can keep, what you must sell, types of assets that are protected, gifts you can make, trusts that will or won’t protect your home, etc. While some seniors want to pass the majority of their assets to their children and grandchildren, many elderly individuals are also interested in protecting their home and assets from costly nursing home care. Anyone over the age of 55 should be very concerned about protecting and preserving their assets because statistics prove that once you pass age 65, there is a significant chance you will need home care, assisted living, or a nursing home, all of which cost a lot of money.

Medicaid asset protection requires creating a comprehensive and thorough plan.

To maximize your chances of qualifying for Medicaid, you can consider:

  • Transferring your assets to trusted family members
  • Transferring your assets into an irrevocable trust

Some transfers within a five (5) year period of entering a nursing home may create a period of ineligibility for Medicaid, so consult our Dallas elder law lawyer before you make any transfers.

What about taxes?

When creating a Medicaid asset protection plan, tax considerations play a key role. Tax consequences for income, capital gains and gift tax should be considered. Remember the priority of Medicaid planning is to preserve and protect assets and if there is some additional taxation, it will be minimal compared to doing no planning and loss of the entire estate, regardless of taxes.

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