Elder Care Planning
The average cost of nursing home care in the Chicagoland area is $7,500 per month and that figure continues to rise. Long-Term Care Medicaid is a program established by the Federal government and administered by the state of Illinois that provides assistance to those individuals whose medical expenses exceed their income and who have few assets with which to pay for nursing home care themselves.
Asset protection planning involves preserving an individual’s wealth while maintaining their Long-Term Care Medicaid eligibility. The asset protection process uses proven legal strategies to avoid paying more for nursing home care than absolutely necessary.
Medicaid asset protection planning takes the greatest advantage possible of current Medicaid regulations by reallocating at-risk assets that would otherwise have to be “spent-down” on nursing home care. Without creating the right asset protection strategy, years of hard work and savings can be lost to expensive nursing home bills.
Please reach out to us for a complimentary consultation.