Our Firm is Experienced in Elder Law
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At Ginn & Patrou, P.A., our St. Augustine and Jacksonville Elder Law Attorneys are experienced in assisting senior citizens in all aspects of their elder law needs, including estate planning and wills, Medicaid planning, asset preservation, living wills, and associated areas. If you are planning for Elder Law, make sure to also read our Guide to Florida Estate Planning.
“How do I protect myself from Medicaid claims and long-term care costs?” We hear this question often. Due to the fact that five years of long-term care can cost upwards of $500,000, the failure to properly plan for Medicaid and other long-term care issues can decimate an estate. After reviewing the information in this article, give us a call and speak to a Medicaid-planning attorney to start the process of implementing wealth preservation strategies.
We Can Come to You
Our goal is to always make elder law planning for our clients as seamless as possible, and to accomplish that goal, we are willing to travel to you. It is not uncommon that our attorneys visit clients in assisted living, skilled nursing facilities, and hospitals because traveling to our office would present a hardship for the client. In these circumstances, one of our Saint Augustine or Jacksonville elder law attorneys will travel to you to discuss the details of your planning, and then schedule a return trip with a notary and witness to execute your documents on-site. This has proved a popular option with clients, and our local St. Augustine Medicaid-planning attorneys are happy to provide the service in both St. Augustine, Jacksonville, and surrounding areas.
What is Medicaid Planning?
One important aspect of elder law is Medicaid planning. Medicaid planning is a legal method whereby an individual can qualify for healthcare paid for by the government (aka Medicaid) even though such person(s) have income or assets over the qualifying Medicaid limit. This can be accomplished by converting non qualified assets to qualified income streams, by using special trusts, and by other methods which a qualified elder law attorney can present to you.
Medicare Alone Will Likely Not Be Enough
To the surprise and dismay of many clients, in general, Medicare only covers short term care and a lifetime maximum of 100 days for skilled nursing or rehab, which is initiated after a hospital stay of three days or longer. Furthermore, of the 100 days covered, only 20 days are fully paid for by Medicare. As of 2018, for the remainder of days 21-100, the patient must pay a high co-pay of over $160 per day, and then must pay out of pocket in full for all days past the one-hundredth day. Conversely, with proper planning and the assistance of a local Medicaid attorney, clients can take steps to qualify for Medicaid’s Institutional Care Program and no longer have to pay out of pocket.
Important Considerations when Planning for Long Term Care
The following are all issues that clients should consider when establishing their estate and Medicaid planning:
- What is the potential for long term care costs to consume your estate?
- Are your assets “protected” from Medicaid claims?
- What methods to convert unqualified assets to approved income streams are available to you?
- Do you have proper estate planning documents in place such as a trust or will?
- Do you have healthcare directives in place?
- Have you considered long-term care insurance?
Contact Us Today
If you want to proactively address the above questions, and are interested in implementing wealth preservation strategies and planning for long-term care, call the St. Augustine and Jacksonville Elder Law attorneys at 904-461-3000, or schedule free consultation by emailing us at [email protected]
Located in historic Saint Augustine and Jacksonville, Ginn & Patrou is able to serve clients throughout Northeast Florida including Palm Coast, Ponte Vedra, Jacksonville, Daytona Beach, Palatka, Saint Johns County, Putnam County, Duval County, and Volusia County.