Many St. Paul residents work very hard for their entire life to provide for their families. It can take decades of work to build a person's wealth and achieve a certain standard of living. Unfortunately, without proper planning, the assets a person has accumulated over these decades can disappear quickly when individuals do not cover the rising costs of long-term care.
The financial challenges faced by those who need long-term care are very real. Health care costs have been increasing for years, and the economic conditions, which affect a person's income and assets, can be uncertain. At the same time, many individuals are no longer able to rely on the pensions that once existed to provide some security after retirement.
While government-funded programs, like Medicaid and Medicare, are available to help cover the costs of long-term care. Nonetheless, there are qualification requirements that apply before individuals can take advantage of these programs. Typically, the state may take a portion of a person's assets to cover the costs of Medicaid, including assets like family cabins, farms or other property that a person may have worked a lifetime to acquire.
Fortunately, through proper planning, these concerns can be addressed before a crisis occurs. Our firm has helped many clients over the years with spend-down techniques and other forms of planning that help individuals keep the legacies they have worked hard for over the years, while allowing the person to take advantage of necessary government-funded programs.
Accordingly, it is vital that individuals act now before it is too late, and their assets are at risk of being lost. In order to learn more about how our firm can help during this process, please visit our long term care planning page.