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Protect Your Assets From Long Term Care Costs

Talk to our Anchorage elder law attorney today so you don’t lose your home and life savings in the future.

Our committed Anchorage elder law attorneys understand the complexities surrounding asset protection and long term care concerns.

You’ve worked hard your entire life to have a nice home to retire to as well built a substantial nest egg to fall back on. But, deep down, you’re worried. You want to protect your assets and preserve them for your heirs and also get the long term care you know you’ll need as you near the end of your life.

Unfortunately, when you were building the life you envisioned, you probably didn’t think about those things.

Many seniors end up in long term care or nursing homes as they get older and their health erodes.

You’ve always been in control of your life. There’s no reason that should change anytime soon. You may not be able to change the chain of events that are likely to happen, but you can change the circumstances that surround them.

It’s possible to protect your assets and hold onto your home and the savings that took your entire life to build up. You can do it while getting the best care possible without losing everything in the meantime.

The Cost of Long Term Care in Alaska

Unless you’ve invested in a very expensive long-term care policy, your options when you can no longer care for yourself are limited. But, even long-term care insurance policies have their limits.

Assisted living costs in Alaska are nearly 55% higher than the rest of the U.S. and average $6,300 per month in Alaska. Nursing home care is also quite exorbitant at well over $230,000 a year.

Rarely are children able to act as caretakers for their parents. This would require them to be financially, emotionally, and physically able to do so. This is often not the case.

Unfortunately, one scenario happens all too often. Someone with a fair amount of assets unexpectedly ends up in a nursing home and their assets are sold off to pay for their care. To add insult to injury, many seniors don’t even get a private room unless it’s paid for.

The more attractive option is to age in place and stay in your home. But as your health declines, you’ll still need a fair amount of help with daily activities and possibly even a caretaker. At a minimum, this costs $27 an hour and if you need full-time care, it can cost as much as a nursing home.

While Medicaid programs in Alaska offer some coverage for these scenarios, it comes at a cost if you don’t have a plan – everything you’ve worked for.

Thankfully, with the help of a very astute and knowledgeable elder law attorney, there are ways around losing your entire life savings and your home.

But, you have to have a plan to qualify for Medicaid while avoiding a Medicaid lien against everything you have.

Asset Protection Strategies

Asset protection plans find legal loopholes to help you remain in control of your assets and protect the life you’ve built for yourself and your heirs.

You may be able to age in place while your health deteriorates, stay in control of your assets, and get care in a nursing home when all other efforts have been exhausted.

The problem comes in eligibility rules for Medicaid. In Alaska, there are asset restrictions as well as income limitations. For instance, you can’t make more than $2,313 a month to qualify for Medicaid’s long term care assistance and you can’t have more than $2000 in personal assets.

But it’s possible to transfer some of your assets to your spouse under certain conditions. There are also other options, such as annuities, that will divert funds and lower your monthly income limitations.

As far as assets go, you are not allowed more than $2,000 in liquid assets to qualify for Medicaid assistance. But, there are cases where a high-value asset like your home or car can be exempt.

There are many factors to qualify to get the long term care you may need while retaining your assets. A skilled elder law attorney who is familiar with Alaskan laws on Medicaid can offer the advice you need for the best outcome for you and your beneficiaries.

Contact Our Anchorage Office of Wyatt & Butterfield, LLC

Our esteemed elder law office can help you to discover ways to get the best care possible when long term care is needed.

We can:

  • Help develop a working plan to protect your assets while making sure you qualify for Medicaid
  • Ensure that your healthy spouse has his or her assets protected by finding the best tools to achieve that protection, whether it be an annuity or another Medicaid-qualifying loophole
  • Protect your home from being seized or sold off to pay for long term care
  • Help you to evaluate whether all options to receive and pay for long term care have been explored
  • Grant you and your family peace of mind in knowing that you’re taken care of and your estate has been preserved

At Wyatt & Butterfield, LLC, our job is to focus on the legalities so you and your loved ones can rest easy. Elder law is our passion and our mission. Contact us today to begin your long term planning for the future.