Long Term Care Planning in Vancouver, WA
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Long Term Care Planning in Vancouver, WA
When you realize that the average cost of skilled nursing care per day in Washington State at this point is over $350 a day, do you worry about what will happen if you or your spouse needs long-term care in the future? You’ve likely heard stories of people losing their assets to pay for long-term care and becoming impoverished, and you don’t want that to happen to you. Thankfully, including long-term care planning in your estate plan will help you pay for care while preserving your assets. That way, you can still accomplish your goals and the goals of others who depend on you for your safety and quality of life. Not only do you protect what you’ve built to provide better for longer, you can also still give according to your wishes in your estate when you pass away.
We are long-term care planning attorneys in Vancouver, WA, and we can help you get this done. To get started, schedule a free phone conference with our Client Services Coordinator to discuss your needs and how we may best assist you. During this free phone conference, you can schedule a meeting with one of our attorneys to develop a strategy for your estate plan to:
- Meet your goals
- Protect your assets
- Provide for long-term care expenses in the future if they arise.
- Medicaid planning
- Long-term care insurance leveraging
- Asset protection
- Incapacitation planning
- Private pay planning strategies
Many Washington residents use Medicaid to pay for long-term care. Many assume they have too many assets to quality. Some people choose to simply spend down their assets so they can get Medicaid coverage. However, this means they won’t have assets left for their spouses or children or anything to help supplement their needs that Medicaid won’t cover when Medicaid is in place. When we do Medicaid planning, we help you preserve assets with the goal of qualifying for Medicaid without simply spending everything down. Much of what you hear about Medicaid rules is true. However, often it is only partial information, which can be as dangerous as misinformation. It is critical to seek advice from an elder law attorney who focuses on Medicaid planning and asset preservation to ensure the best results for you and your family’s quality of life and financial well-being.
We take pride in the Medicaid preservation work we engage in with clients when they consult with us. It is a joy to do this work, for which we are considered leading attorneys. Numerous possible pathways exist in the law to preserve assets to prepare for Medicaid qualification. We can use and combine various techniques to protect as much as possible. Some can include things like special protection trusts and asset leveraging. However, we also craft Medicaid preservation plans without the use of trusts in many circumstances.
Long-term Care Insurance
As lawyers who focus on this area, we can also advise you on the use of long-term care insurance policies and assist you in finding the best ways to use your assets when concerned about care costs. Traditional long-term care insurance is almost entirely a thing of the past. People are often tempted to cancel their policies due to premium increases. However, we encourage you to let such a decision be part of your strategic analysis in planning before losing what may be a powerful helper in the context of accelerating rises in care costs. It’s essential to consider numerous legal factors in analyzing long-term care policy to weigh its benefits and drawbacks. We routinely analyze these factors for our clients to ensure they make the most of all their assets for their future.
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Our Areas Of Practice
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As Vancouver, WA, long-term care planning lawyers, we can use many techniques and strategies to craft your custom plan. Such techniques can include:
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