What happens when we have not done any asset protection?
As we age, or we watch our family members age, we may begin to worry about having the ability to afford appropriate care and treatment. It is estimated that the average cost of assisted living in Colorado is $4,000 a month. That cost can easily double if there is a need to transition to skilled nursing or memory care. Thankfully, there are programs, such as Medicaid, that can help to cover the cost of in-home care or facility care.
How do I qualify for Medicaid Long-Term Care?
To be eligible for Medicaid Long-Term Care, you must qualify both financially and medically. Usually families find qualifying for the financial component the hardest. Both income and assets of the household are considered and there are strict limitations for qualification.
In order to meet these strict limitations, families often face the prospect of spending down assets in order to qualify. Even if one does have the means to pay privately, many do not want to spend down all their assets and would prefer to leave a legacy to their children and grandchildren.
How do I protect my assets?
Through various estate planning tools, we are able to preserve assets for your healthy spouse or your family while getting you the care you need. It is never too late to asset protect. A consultation with our staff will teach you how.
For additional information, please contact our office at 303.267.1111.