How to plan for a Long-Term Care event and How to Pay For it?

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Is there a chance Medicaid will pay for a long-term care event?

Yes.

But how do you qualify?

People think they must spend down everything to qualify for Medicaid.

Will I lose my house?

First, Medicaid Crisis Planning, (Long Term Care Crisis Planning).

I see this all the time. A spouse says, ‘My wife and I have spent our entire married life saving for retirement and now she’s in a nursing home and it’s taken everything we have.’

Protecting the house is many peoples main concern because it’s their major asset.

One of the ways to protect the house is with a Ladybird Deed.

A Ladybird Deed not only protects your house, it allows you to stay in control of your property for the rest of your life.

Then, when you and your spouse have passed on, that deed can be directed to your children.

The Medicaid look back period.

A Ladybird Deed is a beautiful thing because it protects your house immediately. Then there is no look back period for Medicaid to come in and pay for long term care.

With a Ladybird Deed in place, you could apply for Medicaid directly after putting that protective deed on your property and it will save it. Medicaid knows they cannot go back and take your house, ever.

But don’t you have to spend down below two thousand dollars?   

That’s true if there is nursing home or assisted living care. However, if there is a spouse, you can protect most of the money immediately, if you know how.

There are multiple strategies to protect as close to one hundred percent of your money.

Don’t just throw your money away or spend it down. If you do, it’s gone.

You’ve worked your whole life for that money and paid taxes on it.

If your spouse needs care, you don’t want to lose everything to pay for it.

We can also save other properties you own and you may still qualify for long term care or special assistance Medicaid.

Don’t feel hopeless.

Many people tell me they feel hopeless. They believe they will lose everything, but we can change that.

When you leave a consultation with me, you will feel empowered. You will know how to pay for nursing home or assisted living care, and how to save your house and retirement.

We can talk about protecting your assets ahead of time with a Medicaid Asset Protection Trust or Deed Planning.

This involves writing your Will or insurance policy and setting up trusts to pass things outside the estate.

We’ll talk about:

  • Using a Ladybird Deed versus Life Estate Deed versus a Trust.
  • Avoiding Probate (with Medicaid liens attached) when the Will passes the house.
  • When there is no Will.

An enormous amount of money is lost every day in North Carolina because of a lack of estate planning or knowing who to talk to.

If you’ve worked your whole life to pay for your home, you should be able to use a Ladybird Deed and not have your house sold to satisfy a Medicaid Lien.

There are many ways under the law and rules of Medicaid Planning to protect or pass down money and property for yourself and your family.

We even have a form whereby you can pass automobiles, mobile homes, anything with a DMV title on it outside the Probate estate. It is a North Carolina Division of Motor Vehicles form. The form number is MVR 620, and it’s called the Joint Tenants with Rights of Survivorship Affidavit.

If you have a bank account or car with Joint Tenants Rights of Survivorship, when you pass away, the money in the bank account or the car becomes theirs.

You may be a co-owner with your spouse, but are you a Joint Tenant with Rights of Survivorship owner on a DMV title of a car or RV? To be a Joint Tenant with Rights of Survivorship you must fill out this form.

To determine what you need and your situation, we must talk. Many millions have been saved for the citizens of North Carolina using the protections here.

My goal at McIntyre Elder Law is to empower you and your family and revolutionize your concepts of elder law.

I’m Greg McIntyre. If you have questions about elder law, please call our number below.

704-259-7040

Or go to mcelderlaw.com/MCP and fill out the pre-qualification forms.

 

Greg McIntyre

greg@mcelderlaw.com

Elder Law Attorney
McIntyre Elder Law
123 W. Marion Street

Shelby, NC 28150

704–259–7040

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