Coral Springs Long-Term Care Planning Attorneys: Serving Local Residents With Personalized And Effective Representation
Long-term care planning involves helping clients qualify for public benefits programs which can provide assistance to pay for the cost of medical care in their home, in an assisted living facility (ALF), or in a nursing home. This planning is appropriate when there is no imminent need to qualify for public benefits (typically at least 3-5 years). However, if the client requires immediate assistance with paying for long-term care costs, then a crisis planning effort is required to obtain Medicaid or VA benefits as soon as possible.
At Feldman & Feldman, Counsellors at Law, P.A., in Coral Springs, we can analyze your specific circumstances and help guide you through the maze of laws and rules that apply to these public benefit programs.
Why Is Long-Term Care Planning Important?
- Medical care: You can obtain quality health care that aligns with your needs.
- Peace of mind: It reduces the emotional and financial stress for you and your family.
- Autonomy: It allows you to remain independent for as long as possible.
- Reduced dependency: It prevents total reliance on government public benefit programs
Planning for future long-term care needs and associated costs as you age is essential for security and physical well-being.
How Can You Protect Your Assets With Long-Term Care Planning In South Florida?
There are several strategies available to protect assets. Some of these strategies include:
- Irrevocable trusts: Transferring assets to an irrevocable trust exempt them from being considered resources for Medicaid or VA benefits programs and protect these assets from Medicaid payback upon death
- Asset conversion: Shifting assets from countable to non-countable forms can allow the client to qualify for benefits without divesting themselves of these resources
- Asset transfers: Gifting assets to one or more individuals can help reduce assets for benefits purposes and protect some or all of the transferred funds
- Asset spend-down: Utilizes assets to purchase goods or services in a way that benefits the client while also reducing resources for benefits qualification purposes
It is important to remember that no two clients are unique, and the strategies that apply to one client may not be appropriate for every client.
What Legal Documents Are Important As A Part Of Your Long-Term Care Planning?
Ensuring your affairs are in order is critical to long-term care planning. These basic estate planning documents can ensure your designated agents have the tools available to act on your behalf and implement a long-term care plan and asset-protection strategy.
- A power of attorney naming an agent to handle your legal and financial affairs if you are incapacitated
- A designation of healthcare surrogate allowing your agent to make medical decisions if you are unable to communicate your wishes
- A living will to ensure your desires with respect to end-of-life care are known to your loved ones and decision-makers
- A revocable living trust for estate management and asset distribution while avoiding probate
In addition to these basic documents, we may recommend that you put into place other, more specialized, documents as part of your long-term care planning strategy.
Contact Us For Personal Attention
Call our Coral Springs office at 954-228-6074 today to take charge of your future with the help of a lawyer’s experienced, compassionate long-term care planning services. You can also fill out our online contact form.