Why is estate planning important?
Long term care gets expensive—fast. In 2019, Florida Medicaid approximates the average price of a nursing home stay to cost $9,101 per month! That amount of money adds up rather quickly.
Only an alarming 6% of Americans carry a long-term care insurance policy, and it is estimated that 72% of Americans ages 65 and above will require long-term care at some point.
Spend down rules put your assets at risk in order to obtain monetary aid from the government. Florida law requires that you must drain your savings before receiving any financial assistance from the government. Pre-planning your estate can prevent you from having to drain your savings, and you can still receive help from the government to pay for nursing home costs.
Fort Walton Beach’s estate planning expert, Keith P. Vanover, hosts a monthly seminar to help address these concerns—totally free. The complimentary seminars are designed to address the high costs of long term care, and how you can get ahead of it all by utilizing Vanover Law Firm’s expert elder legal services.
Giving Your Assets Away is Not an Option
If you planned on giving away your assets to a family member or otherwise in order to receive public benefits toward nursing home costs, think again. There is a 5-year lookback for federal benefits, which means if you transfer your assets to someone else during the last 5 years before admitting a nursing home, those assets are subject to penalties.
Attend a free monthly seminar to learn more about estate planning, and how the experts at Vanover Law Firm can help you protect your assets from inflated long-term care costs.