Medicare may not cover all your loved one's needs. Imagine, after 60 years of marriage and meticulous financial planning, discovering that Medicare won’t cover the high costs of long-term care for your loved one can be a devastating shock. Did you know that according to What You Need to Know About Long Term Care, the average cost of nursing home care in Indiana is over $70,000 per year? These overwhelming expenses can deplete your savings and impact your financial future. At Vick Law, we help families protect their assets and secure the necessary care for their loved ones through effective strategies like the Medicaid Asset Protection Trust (MAPT).
Can You Really Afford a Nursing Home?
Did you know that the average cost of nursing home care in Indiana is around $6,000? That’s over $70k per year. Home care and assisted living facilities aren’t far behind. For many families, these costs are overwhelming. Unfortunately, Medicare only covers acute care, such as hospitalizations and short-term rehabilitation—not the long-term care needed for daily living assistance.
Questions Many Families Face:
• Will your loved one outlive their savings?
• Will they need to deplete assets intended for their inheritance?
• Will you need to cover the cost of care, impacting your own savings and financial future?
• How can your family afford to give Mom the quality care she deserves?
These are hard questions with no easy answers. But here’s some good news: You don’t have to face these financial burdens alone. At Vick Law, P.C., we have a strategy that can help protect your family’s assets while securing the care your loved one needs.
The Solution: Medicaid Asset Protection Trust (MAPT)
A Medicaid Asset Protection Trust (MAPT) is a powerful estate planning tool designed to protect assets from being spent down to qualify for Medicaid benefits. By placing assets, such as your home, savings, or other valuable assets, into a trust, you can help safeguard them from being used to pay for long-term care. Here’s how it works:
• Protects Assets: Once assets are transferred into a MAPT, they are no longer counted as part of your estate for Medicaid purposes after a 5-year look-back period. This means Mom can qualify for Medicaid to cover her long-term care costs without draining all of their life savings.
• Preserves Inheritance: Assets held in the trust can be passed down to children or other loved ones, ensuring that your family’s wealth stays protected.
• Maintains Flexibility: You still maintain control over the assets in the trust and can appoint a trustee to manage them according to your wishes.
By establishing a Medicaid Asset Protection Trust, your parents can preserve their hard-earned assets, avoid spending down their savings on long-term care, and protect their legacy for future generations. The sooner you start planning, the better the outcome.
Vick Law is Here to Help
Don’t wait until it’s too late to safeguard your family’s financial future to find out Medicare won't have you covered. Planning ahead with a Medicaid Asset Protection Trust can protect your assets, ensure quality care for your loved ones, and provide peace of mind. Contact Vick Law today to schedule a FREE consultation and explore how we can help you protect your family’s legacy.
Reference : (2017). What You Need To Know About Long Term Care. https://www.in.gov/iltcp/files/2017-6-14-doi-what-you-should-know-booklet.pdf
