Practice Area

Family Asset Protection Planning

Nursing homes and assisted living facilities can be very expensive but there are ways to make your long-term care dollars stretch. There are three primary methods of paying for nursing homes or assisted living facilities:

1) Private-paying with one’s own dollars;

2) Using insurance that covers some or all of the cost of long-term care and

3) Need-Based Government Benefits, i.e. VA Benefits and the Medicaid program.

Private-paying for care often means total indigence. The cost of nursing homes in Southeast Florida range from about $4,000 to $12,000 per month. Assisted living facilities are about half the cost of nursing homes but still too much for many to pay without outliving their savings. Many people spend all of their savings in nursing homes and then have nothing left. Not a very good option!

Long-term care insurance works for some but most people considering nursing home care do not have long-term care insurance and either cannot qualify for the policies or cannot afford the premiums. Long-term care insurance is therefore often not an option.

Need Based Government Benefits – This leaves Veteran’s Benefits and the Medicaid program. In Florida, Medicaid pays for almost all nursing homes including the finest of facilities (you sometimes need to know the tricks to getting in!) and Medicaid increasingly covers assisted living facilities as well. But in order to qualify for Medicaid, applicants must be below $2,000 in savings and below $2,163 in income (2014 figures).

What Elder Law Attorneys Do:
Elder Law Attorneys can help people to ethically and legally convert “countable savings” to “non-countable” savings, so that Elder Law clients can keep their savings and still qualify for Medicaid. This is done not out of greed but of necessity so that the Elder Law client is not left indigent at the cost of long-term care. In the words of one court, “No agency of the government has any right to complain about the fact that middle-class people confronted with desperate circumstances choose [to do Medicaid asset protection planning] when it is the government itself which has established the rule that poverty is a prerequisite to the receipt of government assistance in the defraying of the costs of ruinously expensive, but absolutely essential medical treatment.”

If you need the help, we can guide you through the process. With experienced and caring attorneys and staff, we have put together a nationally recognized system and one that makes a tremendous difference in people’s lives. To learn more and to see if our planning is right for you, set an initial consultation. When you call the office, you will be told what to expect and you will then shortly receive more information in the mail in advance of your meeting.

 

You Worked Hard For Your Assets. We’ll Help You Protect Them. 

Contact us today by calling our Delray Beach, FL office at (561) 733-4242 or click the “book a consultation” box below to schedule a time.

 

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Solkoff ResourcesWELCOME

Because each person’s case is different, because laws and rules change rapidly, because different states can have different laws and because this article was not written as legal advice, you should not rely upon this article or any other resources on www.solkoff.com as legal advice. You may link to the articles and pages on www.solkoff.com. If you wish to post, copy or distribute the articles or any portion thereof, we invite and require you to first obtain written consent from Solkoff Legal, P.A. All articles are Copyright :copyright: Solkoff Legal, P.A. unless otherwise stated.

Attorney Scott Solkoff has worked together with the Florida Department of Elder Affairs on three significant projects designed to benefit Florida’s seniors. The first was the development of the Florida Guardianship Education Coalition which Mr. Solkoff co-chaired with the late Honorable Thomas E. Penick, Jr. The second was the development of a pooled special needs trust managed by a legislatively-created direct service organization. The trust is the first of its kind to provide legislatively-authorized protection for assets of persons with disabilities while also providing funding for indigent people who require otherwise cost-prohibitive guardianship. The third project is the housing of SHINE volunteers in the offices of Solkoff Legal, P.A.

 

Solkoff Legal, P.A. was selected as a counseling site where seniors can meet with trained volunteers who provide consumer guidance on Medicare and other insurance choices. Solkoff Legal, P.A. provides complimentary space and support services for the Florida Department of Elder Affairs SHINE program. For more information on the SHINE program or to set an appointment with a SHINE representative, visit the SHINE website. The fact that the SHINE program meets in the law offices of Solkoff Legal, P.A. does not imply any legal advice or endorsement by Solkoff Legal, P.A. of advice provided by SHINE representatives and nor does this program infer any endorsement of Solkoff Legal, P.A. by the SHINE program or the Florida Department of Elder Affairs. This program is part of the charitable mission of Solkoff Legal, P.A.