Madison Nursing Home Planning Attorney

Helping Clients With Nursing Home Planning Matters in Dane County & Wisconsin

At Estate Law Partners, LLC in Madison, WI, we understand that many families face the difficult decision of placing a loved one in a nursing home. Our experienced estate and probate attorneys can help ease the burden by providing nursing home planning services.

Call Estate Law Partners, LLC today at (608) 292-5185 or contact us online to schedule a consultation with our nursing home planning lawyer in Madison.

What is Nursing Home Planning?

Nursing home planning involves strategic legal and financial measures to secure quality care while preserving assets for future generations. As individuals age, the possibility of requiring long-term care, including nursing home services, becomes a reality. This process involves making informed decisions about healthcare, housing, and financial arrangements. Failure to plan for potential long-term care needs can result in significant financial strain on the individual and their family.

We specialize in guiding clients through the intricate landscape of nursing home planning. We understand the unique challenges families face and are committed to providing tailored solutions that align with your specific circumstances and goals.

Why is Nursing Home Planning Important?

Without proper planning, the cost of nursing home care can have a devastating effect on your financial well-being. Many individuals mistakenly assume that Medicare will cover long-term care expenses, but this is not the case. Medicare only covers short-term stays in skilled nursing facilities under specific conditions. For longer stays, Medicaid may become a necessary option. However, Medicaid has strict income and asset requirements, meaning individuals often need to "spend down" their assets before they qualify.

Nursing home planning helps mitigate the risk of losing assets and ensures that individuals receive the best care available while remaining financially secure. Proper planning also gives you control over where and how you will receive care, offering peace of mind for both you and your family.

Nursing Home Planning Matters We Handle

Our nursing home planning services include:

1. Medicaid Planning: We work with families to help them understand Medicaid eligibility and how to protect their assets while still qualifying for Medicaid benefits.

2. Asset Protection: We help families protect their assets from nursing home costs and other liabilities with irrevocable trusts, spend-down strategies, and gifting.

3. Guardianship Planning: We assist families in selecting a guardian for their loved ones in the event they become incapacitated.

4. Advance Directives: We help families create healthcare directives, living wills and durable power of attorney documents to ensure their loved one's wishes are respected.

5. Estate Planning: We work with families to create a comprehensive estate plan that includes nursing home planning.

6. Long-Term Care Insurance: Long-term care insurance is another option for covering the costs of nursing home care. We help our clients explore insurance options and incorporate them into their nursing home planning strategies. Having the right insurance coverage can significantly reduce the financial burden of long-term care, ensuring that you have the resources to afford the care you need.

How Our Nursing Home Planning Lawyer Can Help You

Customized Care Strategies: We are committed to developing personalized strategies that address the unique needs of each client. We begin by executing a thorough assessment of your financial situation, health status, and family dynamics. This enables us to create a comprehensive plan that aligns with your goals while considering potential healthcare costs and long-term care needs.

Coordination with Other Professionals: We recognize the importance of collaboration in comprehensive nursing home planning. We work closely with financial advisors, healthcare professionals, and other experts to ensure a well-rounded and holistic approach to your long-term care needs. By coordinating efforts with a network of professionals, we enhance the effectiveness of our strategies and provide you with a comprehensive solution.

Contact Our Nursing Home Planning Lawyer in Madison Today

At Estate Law Partners, LLC, we are committed to helping families navigate the complex legal and financial issues surrounding nursing home planning. Our Madison nursing home planning attorneys are experienced in all aspects of nursing home planning and are dedicated to providing compassionate and personalized service. Contact us today to learn more about our nursing home planning services and how we can help you and your family.

Estate Law Partners, LLC is available by phone at (608) 292-5185, or you can send us a message online with our Madison nursing home planning attorney.

FAQ - Nursing Home Planning

What is the difference between Medicaid and Medicare for nursing home care?

Medicare is a federal health insurance program that typically covers short-term stays in skilled nursing facilities (up to 100 days) after a qualifying hospital stay. Medicaid, on the other hand, is a joint federal and state program that provides long-term care coverage, including nursing home care, for individuals with limited income and assets.

Can I protect my home from being sold to pay for nursing home care?

Yes, with proper planning, it may be possible to protect your home from being sold to pay for nursing home care. Strategies such as creating an irrevocable trust or transferring ownership of the home to a spouse or family member can help protect it from Medicaid’s estate recovery process.

When should I start planning for nursing home care?

It is never too early to start planning for potential long-term care. The earlier you begin the planning process, the more options you have available for protecting your assets and ensuring eligibility for Medicaid or other assistance programs.

What is a "look-back period" in Medicaid planning?

Medicaid has a five-year "look-back period" during which the state reviews any gifts or asset transfers made by the applicant. If assets were transferred or gifted within this period, it could affect Medicaid eligibility. Proper planning can help mitigate the effects of the look-back period.

Can I make changes to my estate plan if I’m already in a nursing home?

Yes, it is still possible to make changes to your estate plan, but there may be limited options depending on your financial situation and health. It’s important to consult an attorney to understand your options if you are already receiving long-term care.

What is an advance directive, and do I need one?

An advance directive is a legal document that outlines your medical preferences, including decisions about life support, organ donation, and other healthcare preferences in the event that you are unable to communicate. Having an advance directive in place ensures that your wishes are respected and can provide peace of mind for both you and your family.