Estate Planning, Medicaid, Medicare, and Veteran’s Assistance – Call (512) 478-0834.

Another important part of any estate plan is the Directive to Physicians (Living Will).  This document allows you to clearly state your wishes regarding life support and comfort if you are in a vegetative state.

I’VE HEARD HORROR STORIES ABOUT OLDER PEOPLE NEEDING NURSING HOME CARE, AND HAVING TO SPEND ALL OF THEIR HARD EARNED ASSETS TO COVER THE COST.  WHAT CAN BE DONE SO THAT SOMEONE CAN PRESERVE THEIR ASSETS?

We have to be very careful not to confuse what I’ll call “traditional” Estate Planning with Medicaid Asset Protection Planning. Medicaid Asset Protection Planning is a sub-set of Estate Planning. It is a way to determine if planning options exist to help a person protect his or her assets from having to be spent solely on nursing home costs.

Nursing Home costs rise every year, and right now in Texas, the average monthly private pay rate of a nursing home is about $4,000-5,000 per month! Now that is staggering. However, there are many planning options available. This is particularly true for people in their 50s, 60s and even 70s where there is less immediate risk of the need for nursing home care.