With the cost of nursing home and long-term care rising to unprecedented levels and showing no signs of abating, estate planning goals for every senior should include targeted planning that addresses paying for potential long-term care costs. An equally important goal is protecting assets from depletion by those costs. As a nursing home planning and Medicaid planning attorney, Jonathan Turner works closely with clients to help them achieve these critical goals.
In advising clients on nursing home planning and Medicaid planning, attorney Jon Turner provides individualized services based on the personal and financial circumstances of each client. He gets to know the client and understand their goals and family situation as part of the planning process.
Jon is an attentive listener who always answers questions and addresses concerns. His personable approach and calming manner immediately make clients comfortable. He establishes a close working relationship with each client, which builds the client’s confidence. He communicates effectively and thoroughly, making certain that the client fully understands the options for addressing nursing home and Medicaid planning concerns.
As a Medicaid planning attorney, Jon understands the complexities of the applicable laws and regulations. He helps clients utilize the available strategies for protecting assets, while addressing important family concerns that arise in connection with paying for long-term care and nursing home costs.
Many aging adults need some form of long-term or nursing home care in their later years. The high cost of these services can quickly deplete life savings carefully built over decades. But there are options and strategies that can be used to protect financial assets and plan for the possibility of needing long-term care. As a nursing home planning lawyer, Jon Turner helps clients anticipate future needs and create a plan to preserve assets to the greatest extent possible.
No one knows when they might face the need for long-term care. An accident, injury, or unexpected medical condition can create an immediate need at any time. The best time to plan for long-term and nursing home care is when you are still young and healthy, so you are fully prepared when the need arises. Waiting until the need is urgent significantly reduces the options available for addressing the cost of care.
Another reason for planning ahead relates to Medicaid, a jointly administered federal and state program that provides long-term and nursing home benefits for many people. Medicaid is a needs-based program with income and asset limits as eligibility requirements. While many people think they cannot qualify for Medicaid, it is often possible to utilize options and strategies provided by the program to meet the asset and income criteria. However, Medicaid planning should be done well in advance of the need for care to benefit from these strategies.
Medicaid income and asset limits sometimes lead people to try to qualify by divesting assets through gifting property to family members, such as children. This approach is a serious mistake for several reasons, including that gifted assets may end up being unavailable to provide help to the donor when the need arises.
The most important reason not to use a gifting approach without talking to a Medicaid planning attorney is that the program has a five-year look-back period in calculating assets of an applicant. Certain types of transfers made within five years of applying for Medicaid nursing home benefits will not protect the assets from being counted. If you gift assets to qualify, and apply for benefits within five years, Medicaid may count those assets and impose a penalty period on your eligibility for benefits.
Due to the five-year look-back period, Medicaid planning should be done long before you anticipate the need for long-term care. The best approach for obtaining Medicaid eligibility and maximizing benefits is to talk with a Medicaid planning attorney well in advance of needing long-term or nursing home care.
While gifting ultimately may be part of advance Medicaid planning for a specific individual, the Medicaid regulations provide other strategies and options for preserving assets that do not have the inherent risks of giving away assets. For example, an individual may be able to establish a trust that protects assets and achieves Medicaid eligibility. However, a trust that serves this purpose must be drafted and implemented according to very strict guidelines. You should never attempt to establish any type of trust without a lawyer’s assistance.
Medicaid planning attorney Jon Turner has the knowledge and skill to help clients plan ahead for long-term and nursing home costs, while maximizing asset protection and preservation. The right approach for Medicaid and nursing home planning depends to a great extent on a person’s personal and financial circumstances. Jon’s personalized approach to planning ensures that each client makes fully informed decisions about the best strategy for them and their loved ones, as part of their overall estate plan.
Jonathan C. Turner Law Office is conveniently located in Springboro, Ohio. Jon welcomes inquiries about nursing home and Medicaid planning, as well as other estate planning services, from residents in Springboro and neighboring communities in Warren, Butler, and Montgomery Counties, including Centerville, Dayton, Franklin, Kettering, Lebanon, and Miamisburg. To schedule a consultation, please call 937-790-WILL or 937-790-9455, or use the online scheduling form.
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