Part of good estate planning is focused on the preservation of assets for your loved ones.  Unfortunately, nursing home costs pose a real threat to those assets. To address this issue, Attorney Patrick assists individuals with Medicaid planning.

Currently, the average cost per month for a nursing home stay in Michigan is about $6,000.  At $72,000 per year, most estates would be depleted significantly in only a brief period of time if private pay were required.  The good news is that there are viable alternatives to direct private pay.

For those with the assets to fund the policies, long term care insurance is very useful.  Depending on the terms of the policy, an individual's nursing care may be partially or completely covered.  This technique, if calculated properly, can maximize what is available to your heirs when you've passed.  Unfortunately, most individuals can't afford long term care coverage.

For those who qualify, Medicaid will pay for nursing home costs.  Unlike Medicare, a determination of Medicaid qualification is based on the assets and income of the applicant.

It is a popular misconception that the applicant and, if appropriate, their spouse, must be "broke" to qualify for Medicaid. That is incorrect!  If you want to protect your or your loved ones assets from "spend down, " there are a variety of techniques available to you.

Click here to contact Attorney Patrick for a free Medicaid planning consultation.