The hot issue in the media today is Obamacare. There is obviously much confusion, misunderstanding and strife in matters affecting our health care.
One issue that has for a long time been of real concern is what happens if you have to go into a nursing home or other long-term care arrangement. People have mistakenly believed that their health care insurance, including Medicare, would take care of them in such a situation. That is not correct.
If you have to go into long-term care, and you have not put in place appropriate planning, you will be forced to spend down everything you have except for $2,000 before the state will participate in the expense of your care. Too many of us have seen families that have lost everything they have to provide such care. The proper application of public benefit triggers, if drafted into your estate plan, can save over half of your assets.
Our firm does not advocate that people who can and should contribute to their long-term care expenses should avoid all responsibility for themselves. However, given what people have paid in taxes over the years, most would prefer to leave what they can to their children, charities, or other beneficiaries. Only by proper planning can you accomplish this.
If your estate plan does not have the public benefit triggers, it would be a very good idea to see how they can be added. If you are not sure if your plan has the triggers, please feel free to visit with us for a review.
Contributed by MH Phoenix, Cave Creek and Flagstaff Estate Planning attorney B. West Hunsaker.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.