Pre-Medicaid Planning
PRUDENT PLANNING PREVENTS PREVENTABLE PAIN!
Medicaid Pre-Planning ahead can save you and your loved ones from a lot of heartache, pain, and financial loss.
The reality is that an individual turning 65 now has a 70% chance of needing long term care!
Creating a plan now can protect your wealth, make certain your wishes are known,
protect your loved ones from last minute heartache as they wonder what to do, avoid probate,
help you create a fabulous legacy for your loved ones, and so much more!
Pre-Medicaid Package
Early to Retirement Age-
Irrevocable Trust & Related Trust Documents
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Will
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Financial & Medical Power of Attorney
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Organization List
Pre-Medicaid Package PLUS
Retirement Age-
Irrevocable Trust & Related Trust Documents
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Will
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Financial & Medical Power of Attorney
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Medical Directive "Living Will"
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HIPAA Release
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Memorial Instructions
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Organization Lists
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Transfer Deed for Home
Did You know that in Minnesota the average cost for nursing home care is over $6,500 per month, or more than $80,000 per year? And the government’s most recent National Nursing Home Survey showed that the average stay in a nursing home is 835 days! According to Longtermcare.gov an individual turning 65 now has a 70% chance of needing long term care, and 20% will need care for longer than five years!
The costs associated with long term care can be devastating to a family, wiping out a lifetime of hard-earned savings.
It does not need to by that way!
A Medicaid pre-planning system can:
- Protect hundreds of thousands of dollars and more from having to be spent on Long Term Care
- Give You Peace of Mind
- Protect your Financial Nest Egg for passing on to your loved ones
- Create a positive legacy through your Estate and remove the burden of Probate for your family members
Irrevocable Trust
An irrevocable trust is a tool used during your lifetime to hold and protect assets. These are sometimes known as Asset Protection Trusts or Medicaid Trusts. This includes providing creditor protections, tax protections, and avoiding probate.
Benefits of this trust are:
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The Irrevocable Trust cannot be changed or canceled.
Pour-Over Will
A pour-over will is used in conjunction with the creation of a trust. It is a tool that makes certain that your trust is fully funded after you are gone. If at your time of death, your estate owned things that were not part of your trust, this tool scoops everything up and places it inside your trust to be handled according to your trust rules.
Power of Attorney & Medical Power of Attorney
The Financial Power of Attorney designates an “attorney in fact” who you choose to step into your shoes and handle your financial affairs for you become incapacitated. This includes paying bills, handling business affairs, investment accounts, DMV paperwork etc.
The Medical Power of Attorney designates an “attorney in fact” who you choose to step into your shoes and handle your medical affairs if you become incapacitated. This includes visiting with your doctor, seeking second opinions, etc.
Having these in place can remove the court process of guardianship if anything were to happen to you.
Medical Directive “Living Will”
A “living will” which proclaims your wishes on whether you want to be kept alive by artificial means if there is a legal determination that all “hope” of recovery is gone.
This lets your voice be heard in a situation when you cannot speak for yourself.
Having this in place is a gift to loved ones and your doctor to take off the table the guessing game on what your wishes are in this health situation. It relieves the burden on the family on making a difficult decision and wondering if they are making the “right” decision.
HIPAA Release
This allows whomever you designate to speak to a physician, insurance company, or medical facility, pick up prescriptions and transfer medical information if needed.
Memorial Instructions
Information for your loved ones after you are gone. Including designating a loved one who would handle these affairs for you as well as relating your wishes regarding burial and funeral decisions.
Transfer Deed for Home
A Warranty Deed is used as a way of transferring property to your trust. We include instructions on how to execute and file this deed in the appropriate county.