Growing old is inevitable, so set up for your future now. From age 65 and up, there is a 75 percent chance you or your loved one will require long-term care. According to a CareScout survey from 2017, living in a semi-private room in a nursing home can cost more than $80,000 a year. Many people can’t afford this, so luckily, Medicaid can step in and pay if you qualify. This sounds great, right? Unfortunately, this can cause problems after you pass away.
What is long-term care? It’s good to define long-term care because it is an umbrella term that means a multitude of things.
People often assume they will qualify for Medicaid, which may cover long-term care if your income and assets meet the requirements. However, if you have property in your name, once you die, the government can file a claim against this estate, forcing you to sell the property to pay them back. This process is called Medicaid “Estate Recovery.”
As we talked about recently, with care contracts, there are ways we can help make sure your assets aren’t entirely used to pay for your long-term care. One common way to do this in North Carolina is by using an “enhanced life estate deed” that will make the property “non-countable.” Your property will not be entered into probate and therefore will not be subject to “Estate Recovery” upon death.
The process is tricky, but if you have a friend or family member willing to help you with the process, talk to your estate attorney about it. This area of the law is complex; find an excellent attorney who understands Harnett County laws and the requirements to protect your assets. Once something is done “wrong,” it is usually impossible to undo.
At Kelly & West we want you to feel confident about your estate, so call us or send us a message on our 24-hour live chat to get started.
“Reggie Kelly is a fantastic attorney with fantastic paralegals. My wife and I have been using him and his firm since 1983 when we first purchased property in Harnett County 37 years ago. He offers excellent legal advice and guidance. He never gets in a hurry to get us out the door because of his next appointment. He always takes the time needed to check out all of the issues that might come up. Reggie Kelly is a proud American and he loves our country and he wants everyone to do well. Reggie Kelly is an even finer person than he is a fantastic attorney and we are very fortunate to also be able to call him and his wife Cheryl our friends. We give him a 10 STAR Review!”