Contact Our Ogden Medicaid Planning Attorneys
Sound Medicaid Planning that Helps You Prepare for the Years Ahead in Ogden, Utah
Giving you more options for covering the costs of long-term care in Utah.
Planning for long-term care is one of those easy things for a person to put off. After all, few people want to think about what would happen if they are no longer able to care for themselves because of am serious illness or incapacitation.
Fortunately, this process does not have to be painful at all. Working with a skilled Ogden Medicaid planning attorney at Voyant Legal, you can give yourself the peace of mind you need and deserve as it relates to your future. And, you will ensure you uphold the best interests of your loved ones and the wealth you’ve worked so hard to build over the course of your lifetime.
Why is Medicaid planning so important?
As you reach retirement age and beyond, you may begin to think about what would happen if you need to seek long-term care in a nursing home at some point in the years to come. These facilities usually provide exceptional care, but they are also very expensive. In fact, costs can range anywhere from $60,000 to $175,000 per year, depending on your care needs and where you live.
If you do not plan for these expenses, they could quickly wipe out all or most of what you have saved over your lifetime. It’s a common problem that can be devastating for families.
Setting up an irrevocable trust.
There are some actions you may take to prevent nursing homes from drawing on your assets. One common tactic is to use an irrevocable trust, in which you name an executor to oversee the trust’s assets until you pass away. Once that happens, the executor distributes the assets within the trust to your named beneficiaries and then dissolves the trust completely.
A top benefit of using an irrevocable trust is that the assets contained within no longer count as yours. As a result, the nursing home may not draw on them to pay for your medical care. You may then also qualify for Medicaid benefits to pay for your stay in the nursing home.
Although there are some downsides to taking this path, it can be a viable option for those who are looking to preserve their wealth and avoid the often-frightening potential costs of long-term care. An experienced Medicaid planning attorney will be able to provide more focused guidance on this issue.
Contact our dedicated Ogden, Utah Medicaid planning lawyers.
If you would like further information and guidance on how you can make the most out of your Medicaid planning efforts, consult with our knowledgeable Ogden attorneys at Voyant Legal today. To learn more, call 801-951-0500 or contact the firm online. We serve families in Ogden, Bountiful, Layton, Farmington, and the surrounding Utah areas.