Elder Law Attorney Tampa Florida | You Worked Hard for Your Nest Egg – Protect It | Mortellaro Law
Elder Law Attorney Tampa Florida | Let’s be honest: It’s hard to build savings these days. So if you have sacrificed and built a retirement nest egg or savings that you want to hand down to the next generation, you don’t want to see it all spent on outrageous healthcare costs.
Asset Protection for Healthcare Assistance
As seniors advance in years, the time may come when Mom or Dad needs assistance with the activities of daily living. Moving into an assisted living facility can cost anywhere from $2,000 to $4,000 a month, and nursing home costs will easily double that, most likely triple it. You may have heard that Medicaid can provide some financial relief, but that income and asset limits may prevent your family member from qualifying. You have read about the three-year “look-back period.” Don’t give up so easily. An attorney experienced in asset protection can show you the options available to become eligible for this monthly financial benefit, even if you have assets exceeding the limits.
Asset Protection for Probate
To ensure that loved ones you leave behind get the assets you want them to have, preparing the right estate planning documents is essential. A properly prepared will names the person who will carry out your last wishes and distribute your money and assets. An estate planning attorney can explain how to think through naming beneficiaries, how to use a trust, special needs trust, or pour-over will. Put these documents in place now, then update them as necessary. If you don’t have a will, the laws of the state will dictate who gets what, and that might run counter to your wishes.
Every day, the team at Mortellaro Law assists families with asset protection for Medicaid purposes and estate planning purposes. All it takes is a phone call to set up your no-cost hour-long initial consultation. Give Mortellaro Law a call today and worry less tomorrow.