Protect Yourself and Your Family
The right to control and protect your assets and preserve your dignity is the major benefit of advance planning.
Last Will and Testament
A Will provides for the disposition of your assets upon your demise. If your Will provides for your spouse outright, all or part of your estate may be lost if your spouse is in a nursing home. You can protect your assets by appropriate planning. A simple will costs about $200.
A Healthcare Advanced Directive or Living Will enables you to appoint someone to make healthcare decisions for you if you are unable to do so. You may also provide specific or general instructions as to medical treatment and the use or withdrawal of life-support systems.
Long Term Care
The average cost of Nursing Home Care in Connecticut is between $126,000 and $144,000 per year. Medicare does NOT pay for this beyond 100 days. Only 1% of people have long-term care insurance that does cover nursing home costs, the rest must use up the assets acquired over a lifetime to pay these bills.
Medicaid does pay for nursing home care, but only after you’ve spent all but $2,000 of your own money. Medicaid can and does go after your estate for any money owed to them after you pass away. Medicaid also has a 5 year ‘look back’ provision where any transfers of your property or money – even as gifts – before you need a nursing home can be seized as well. If these transfers or gifts are already sold or spent by your family, they receive a bill from Medicaid which they must pay.
Trusts, LLPs, & LLCs
We can easily protect your home from Nursing Home Costs, other Healthcare costs, and accidents or lawsuits by transferring it to an LLC, LLP or Trust where you retain 100% control over it, but have protected it from Nursing Home Costs, and very little in your life has to change. Everyone at or near retirement age should do this. LLCs and LLPs cost about $1,500 to create, Trusts are about $2,000. We can also protect cash and other liquid assets, but the choices are often harder.
We can also help you apply for Medicaid and Veteran’s Benefits.
Home Visits are Available.
Powers of Attorney
Limited Liability Corporations
Trust & Estate Administration
Estate and Gift Taxes
Special Needs Trusts
Purchases, Sales, & Refinances
Life Estates, Leases
“The importance of Estate Planning cannot be understated. It can ensure that you grow old with dignity, preserve what you have worked for your entire life, and make sure there are no arguments after you’ve gone. Careful Estate Planning is peace of mind.”
The Gauthier Law Office
1060 Route 32
Uncasville, CT 06353
© The Gauthier Law Office 2013