Oklahoma City Medicaid attorneys can provide assistance with the asset protection process. Medicaid attorneys help ensure your assets are safe from some prime potential sources of loss that arise as you get older. Unfortunately, as you age, the risk of asset loss increases because of the increased chance that you will suffer a serious illness or age-related infirmity that puts your health and wealth at risk.
Parman & Easterday can explain why asset protection becomes more important as you age. Our legal team can help you determine if you need an asset protection plan and the steps to take to create one. Contact our Oklahoma City Medicaid attorneys today to learn about protecting your wealth and financial security and leaving your desired legacy to heirs or beneficiaries.
Why Asset Protection Becomes More Important As You Get Older
As you get older, the risk of needing long-term care at home or in an assisted living or nursing home facility rises. According to the Wall Street Journal, when you turn 65 you face a 40 percent chance of needing nursing home care at some point before you die. More recent reports increase the likelihood of requiring long-term care to as high as 80%.
If you are a senior who requires nursing home care, your assets are at risk. People assume that if they go into a nursing home, Medicare or their health insurance will cover the cost of the care they need. This is not true for long-term care. Medicare and health insurance only cover skilled nursing care provided by someone with specialized medical training. Changing surgical bandages is an example of skilled nursing care. Unfortunately, Medicare does not cover custodial care. Custodial care is basic routine care most seniors need, such as help showering, eating, using the bathroom, or moving around.
Since Medicare and health insurance will not cover your nursing home care, you will either need to pay out of pocket or try to get Medicaid to pay. Many seniors have too much wealth to receive Medicaid benefits. You could be forced to spend the assets you have worked your whole life to acquire. Only after you have impoverished yourself by paying for costly nursing home care will Medicaid pay your bills.
If you want to avoid this fate, you need an asset protection plan now. Your asset protection plan will require naming someone to manage your assets if you become incapacitated and cannot manage your wealth on your own. Without a plan, there could be a time while your family seeks appointment of a guardian that no one is managing your wealth. If the wrong guardian is selected by the court, your assets could still be at risk.
You also need to think about protecting your wealth after you pass away. The larger your estate, the greater the risk of asset loss due to estate tax. Also, your heirs or beneficiaries could quickly fritter away their inheritance if they are not financially responsible. You may want to consider a spendthrift trust for those more inclined to waste their money. Finally, Parman & Easterday can help you evaluate what needs to be done to protect your assets based on your personalized risk assessment.
Getting Help from Oklahoma City Medicaid Attorneys
Oklahoma Medicaid attorneys at Parman & Easterday offer personalized help with Medicaid planning. We understand how hard you have worked to build your wealth and want to work with you to determine if it is at risk and how to minimize and mitigate those risks. To find out more about our firm, join us for a free seminar. You can also call today at (405) 843-6100 or contact us online at any time to get your personalized asset protection plans underway.