When you are ready to start you estate planning, make sure that you have help from an attorney that understands the complexities of Minnesota laws. Kallemeyn & Kallemeyn have helped many Minneapolis, MN residents to prepare for Long Term Care Needs such as nursing home planning. The fact is that 70% of Americans will require long-term care at some point after turning 65 years old. The cost of nursing home care continues to climb. A typical nursing home costs approximately $6,000 each month. Complex planning can help you to Preserve Assets in your estate.
Nursing Home Planning
With the average cost of nursing home care being very expensive, you should consider how you want to handle your long-term care needs. There are many aspects that can be planned for in advance, to ensure your family has financial stability even after you’re gone. Kallemeyn & Kallemeyn can help you with strategies to preserve your estate against these care expenses.
Transferring Assets
While insurance can help to cover nursing home costs, the insurance itself is expensive. Advanced nursing home planning may involve the transfer of assets into a trust or an individual. Minnesota state laws require that transferring of assets happen five years before an individual enters the assisted living or nursing home facility. An experienced Minnesota Elder Law Attorney can ensure that all asset transfers are handled properly.
Preserve Assets
You may still have options to Preserve Assets for your family if asset transferring has not been completed before entering Long-Term Care. Transfers that are made when entering a nursing home can make the person eligible for medical assistance after five years. This can avoid complete depletion of the individual’s assets. During these five years, the cost for long term care must be paid for from a different source. We can help you to choose which options work best for your individual situation.
Estate Planning
Asset Protection for your family in the case that you enter a nursing home is usually quite involved. The process is made much easier if you have a Licensed Attorney to guide you through the complexities and create a legal framework. At Kallemeyn & Kallemeyn we can help you with Living Trusts, Will Planning, Power of Attorney, Conservatorship and Qualifications for Medicaid.
Licensed Minnesota Attorneys
Kallemeyn & Kallemeyn understand the complexities of Estate and Nursing Home Planning. We can help residents in the Minneapolis, MN area with complex planning to pay for long-term care and preserve assets for family. With the high cost of nursing homes, advanced planning strategies are very important to protect assets for your estate.
Contact Kallemeyn & Kallemeyn Law Firm for help with Nursing Home Planning via our Online Form or at (763) 427-5131.
