Have you ever stopped to consider how long you or your parents have worked to build the value of your estates? That hard work can be significantly compromised when faced with the high cost of nursing home care.
Most people know they can rely on Medicaid to cover the cost of nursing home care but only after near exhaustion of their hard earned assets. The Deficit Reduction Act passed in 2006 made it even more difficult to qualify for Medicaid by including a five year look back period. It is commonly understood this look-back period requires all estate planning to occur at least five years prior to the need for Medicaid. However, with a proper understanding of the Medicaid code and the conforming Ohio statutes it may be possible to preserve more than half of an estate, even if nursing home care is needed within the next five years. In fact, effective planning might be possible even if a loved one is currently residing in a nursing home.
It is never too late to plan for long-term care. If you or your loved ones might be in need of long term nursing care please contact us immediately. We may be able to help preserve some of those hard earned assets.
If you are currently a member of Pre-Paid Legal contact us at 1-800-464-2266.
If you are not currently a member feel free to contact us at 1-800-600-1222.