We are glad that you found your way to our local Florence, KY page. The Potter Law Firm is committed to community engagement, and we take our commitment to our friends and neighbors here in Florence and all of Northern Kentucky to heart.
This is a great place to live, with a unique character all its own, but we also have great proximity to everything that Cincinnati has to offer. As a Florence resident you can enjoy the best of both worlds, and this is why the area is so highly desirable.
Learn About Medicaid Planning in Kentucky
As estate planning and elder law attorneys, Medicaid planning is a huge part of our practice. Many people are not aware of the fact that Medicare does not pay for long-term care. If you have to pay for living assistance out-of-pocket, it could eat up the inheritances that you would like to leave to your family members.
Long-term care is very expensive now, and costs have been rising every year, so the numbers could be much larger if you require living assistance in 20 or 25 years.
Medicaid is a government health insurance program that does pay for long-term custodial care. You may be aware of the fact that this program is only available to people who can demonstrate a significant level of financial need.
If you have resources during your retirement years, you could give gifts to your loved ones so that you can qualify for Medicaid to pay for long-term care. This can be done, and it is often done. The process is referred to as a Medicaid spend down.
You do have to act in advance in an informed manner if you want to gain eligibility at the ideal time, because your eligibility is delayed if you give away assets within five years of the submission of your application for Medicaid coverage. If you cannot meet this stipulation, you can still take steps to preserve resources, but you should be aware of this look-back period when you are engaged in your Medicaid planning efforts.
We help members of the Florence, KY community you want to brace themselves for future long-term care costs. If you work with our firm, we will become aware of your financial position, answer all your questions, and help you position your assets wisely if you decide to establish a nursing home asset protection plan.
Estate Planning for Florence Residents
Part of the puzzle is to make sure that your legacy is not consumed by a nursing home at the end of your life. This is intertwined with the process of estate planning. If you want to make sure that you provide for your loved ones in the ideal manner, you should work with a Florence, KY estate planning attorney to craft a personalized plan.
A last will can be suitable when very simple circumstances exist, but a trust of some kind can often be a better choice. For example, you could satisfy multiple objections in one fell swoop if you were to establish an irrevocable Medicaid trust.
The assets that you convey into the trust would not be counted if you ever apply for Medicaid to pay for long-term care. However, before you apply for Medicaid, you could continue to receive earnings from assets that have been conveyed into the trust if they are income producing.
After you pass away, assets that remain in the trust could be distributed among your loved ones in accordance with your wishes.
This is just one of many different estate planning strategies that can be implemented. The ideal course of action will depend upon the circumstances, and we can help you understand your options if you decide to work with our firm.
Learn More About Incapacity Planning
Incapacity planning is also part of the equation. Alzheimer’s disease is running rampant among the oldest old, and Alzheimer’s is not the only cause of incapacity, so you should prepare yourself in advance.
This can be done through the execution of durable powers of attorney. These documents are used to name agents who would be empowered to make decisions on your behalf if you were to become incapacitated.
You can also include a living will to state your wishes regarding the utilization of artificial life-sustaining measures.
Estate Planning in Kentucky is Essential
If you are going through life without an estate plan, action is required. Every adult should have an estate plan in place, and this includes people who have not yet attained senior citizen status. We can answer all of your questions and help you put a plan in place. To set up a consultation, call us at (859) 372-6655 or send us a message through this page: Florence, KY Estate Planning Attorney.