Elder Law Planning with a Dallas Lawyer
Learn Your Options in a Free Consult: (972) 200-3078
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.
Does your future care plan cover everything you need?
Request a
free evaluation to discuss your elder law planning needs.
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.
Call our firm today (972) 200-3078 to learn more.
We are confident we can help you.