Asset Protection, Care Options and Your Family Well-Being
We appreciate you reaching out to us. No matter what you need help with, we’re ready to walk with you every step of the way.
Going through the Asset Protection calculations are typically an eye opening first step in the process of protecting your own legacy, or helping your elder loved one to keep their life savings and maintain their financial independence.
Here's what happens NEXT...
- FIRST you’ll get a confirmation email from us so you know that we got your AP Calculator results.
- Next we will review your situation, consider your questions and the best way we might help.
- Lastly we’ll reach out to you with some recommendations. That may be by email, by phone or we’ll send you a meeting/call calendar link. Really, it’s whatever you prefer.
If don’t want to wait – we’re ready to help guide you through this – just schedule a time for your free consultation with our Asset Protection and Trust specialist.
In the mean-time...
We’ve put together some information that will get you thinking and learning about your options in advance… We’ll be in touch soon.
Nursing Home Costs in Illinois: Nursing home care in Illinois can be quite expensive. On average, the cost of a semi-private room is approximately $6,648 per month, while a private room can cost around $7,592 per month (These costs can add up quickly, making it essential to plan ahead).
Countable assets for Medicaid asset tests are those that Medicaid considers when determining an individual’s eligibility for benefits. These assets must be within certain limits for an individual to qualify for Medicaid.
Countable Assets include things like:
- Cash
- Savings and checking accounts
- Retirement accounts (depending on state rules)
- Additional property beyond the primary residence
Non-countable (or exempt) assets are those that Medicaid does not consider when determining an individual’s eligibility for benefits. These assets are protected and do not need to be spent down to qualify for Medicaid.
Here are a few examples of non-countable assets:
- Your primary home (under certain conditions)
- One vehicle
- Personal belongings
- Prepaid funeral arrangements
An elder trust, also known as a Medicaid Asset Protection Trust (MAPT), is a legal arrangement designed to help you protect your assets from being depleted by long-term care costs. By transferring ownership of your assets to an irrevocable trust, you can qualify for Medicaid while preserving your wealth for your heirs.
Once you get in touch with an Elder Law attorney, they’ll typically schedule an initial consultation. During this meeting, they’ll discuss your specific needs and concerns. From there, they may offer a range of services from drafting legal documents like wills and trusts to more complex tasks like Medicaid planning or guardianship proceedings.
The five-year look-back period is a rule implemented by Medicaid to prevent individuals from transferring assets to family members or into trusts to qualify for Medicaid benefits. During this period, Medicaid reviews any asset transfers made by the applicant within the five years preceding their application for long-term care coverage. If Medicaid finds that assets were given away or sold for less than fair market value during this time, it can impose a penalty period, delaying eligibility for benefits based on the value of the transferred assets
A Living Trust, like The Freedom Plan Trust,
is a revocable trust that allows you to control and pass on your legacy avoiding probate.
But it does not protect assets from Medicaid’s spend-down requirements.
An Elder Trust, typically an irrevocable trust, is designed specifically to protect assets from being counted for Medicaid eligibility, providing long-term care planning benefits.
