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Elder Law Attorney
Listed In: Will & Estate Law
For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living… For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits. When a person has to move into a nursing home, they are required to divest themselves of their assets in order to pay for their care. However, by placing their assets into an Irrevocable Trust, the assets can be protected from high nursing home bills. However, it’s important to remember that this type of transfer must be done at least five years before a person goes into a nursing home. While thinking about the difficulties one may face as they age is difficult, failing to do so can lead to financial problems that can devastate an entire family. Read more
By beatrixbecky on January 21, 2019 Verified by Email
Staff was well versed in the law & a pleasure to deal with. They were very prompt in addressing my all questions with great answer to me. I am satisfied customer of this place.
By beatrixbecky on January 21, 2019 Verified by Email
Staff was well versed in the law & a pleasure to deal with. They were very prompt in addressing my all questions with great answer to me. I am satisfied customer of this place.
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Elder Law Attorney 5.0 out of 5.0 based on 1 user review.