Many people are surprised when they hear just how expensive long-term care has become these days, says a Temecula probate lawyer. If you look at the average length of stay which is between two and four years, coupled with the average costs you may be faced with an expense that exceeds $200,000 toward the end of your life.
Before you say that you are not worried about this because you will be on Medicare you would do well to understand the fact that Medicare does not cover long-term care. The government program that will pay for it is Medicaid.
However since Medicaid is intended to assist those who have financial need there is an upper resource limit that you cannot exceed if you want to qualify for Medicaid. This limit is just $2000, but it is important to note that a lot of your valuable personal possessions are not considered to be countable in a Medicaid eligibility context.
In addition, let’s say that you need to enter long-term care but your spouse does not. He or she can keep his or her half of the community assets that are of a countable nature up to a certain prescribed limit. This limit has been adjusted upward for 2017. In 2011 it was $109,560; now that we are in 2018 it is $113,640.
Medicaid can provide a solution for many people who need long-term care. It is however important to aim toward eligibility in advance to optimize your position. The best way of doing this is to get together with an experienced Sarasota elder law attorney who will analyze the specifics of your situation and make the appropriate recommendations.
The Law Firm of Steven F. Bliss, Esq. has been decidedly focused on Estate Planning which entails Probate, living trust as well as trust administration. Furthermore, if you desire to avoid probate for your family, then I urge you to consider developing a solid estate plan with an appropriate last will and testament. Consequently, your initial consultation will always be complimentary and my attorney fees are extremely competitive. In addition to tremendous service, I have offices located in Temecula and service the surrounding area.
Temecula Probate Attorney | Probate Lawyer Temecula
41593 Winchester Rd #200, Temecula, CA 92590