MOUNT CLEMENS ESTATE PLANNING ATTORNEYS, ELDER LAW ATTORNEYS
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Elder Law involves planning for the complex health care, long-term care, and other issues facing elderly and disabled individuals and their families. Studies show that 70% of people over the age of 65 will need some type of long term care during their remaining years. Therefore, everyone should take into account that at some point residency in a nursing home or an assisted living facility may be needed.
However, the substantial cost of nursing home care for an incapacitated person can wipe away a family’s nest egg and the inheritance planned for surviving family members. In Michigan the average annual cost of a nursing home room is $98,184, that’s over $8,000 per month locally. The primary alternative to privately paying the nursing home is Medicaid.
So many times clients come to our office under the mistaken impression that there is nothing that can be done to protect assets from nursing home costs. Fortunately much of the circulating consumer knowledge is false or misinterpreted. For example, it isn’t always necessary to wait 5 years after gifting assets to become eligible for Medicaid. With the right planning, it’s possible to save all of your assets from long term care costs….
An “estate plan,” generally, refers to the means by which your estate is passed on to your loved ones on your death. Estate planning is the creation of a definite plan for managing your wealth while you’re alive and distributing it after your death. These assets may be owned by you separately or jointly with others.
Estate planning is the preservation and the distribution of your assets, both during your life and upon your death. It is accomplishing your personal and family goals and easing the management of your financial and legal affairs, as well as minimizing taxes if your estate is large enough for taxes to be of concern. When we talk about an estate, we mean all assets of any value that you own, including real property, business interests, investments, insurance proceeds, personal property, and even your personal effects. Estate planning can be accomplished through a variety of methods….
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