Elder Law Planning in Bluffton, SC
Elder Law in Bluffton, South Carolina is something we take very seriously at our firm. It is a critical field that addresses the unique legal needs and challenges faced by seniors and their families. As you age, you may not understand the complexities of elder law. From estate planning to long-term care and Medicaid planning, it all becomes increasingly important. Using elder law, you can ensure a secure future full of dignity where your heirs know your wishes.
Planning at Later Stages Can Be Daunting
At Montgomery Law Firm, LLC, we understand that planning for the later stages of life can be overwhelming. Facing the financial, medical, and legal challenges that come with aging is not easy. It is very natural to feel uncertain about the future. Our South Carolina elder law attorney is here to help you create a plan that aligns with your personal wishes. We know how important it is to have peace of mind in your later years. It helps knowing that if incapacity strikes, you can safeguard your assets, especially if you need long-term care.
It’s a hard truth that 70% of Americans face financial difficulties within just one year of entering a nursing home. The thought of being in such a vulnerable position is unsettling and you could find yourself in this position. Without proper legal guidance, it could happen to anyone. Nearly 75% of people over 65 will need long-term care. In Bluffton, South Carolina, the costs can be quite substantial. The costs average $7,200 per month, which is $86,400 yearly.
Our elder law attorney, Hunter Montgomery, is deeply committed to helping you avoid these stressful financial burdens. He is here to guide you through creating a protective plan for you and your family. This plan can shield you from unexpected and burdensome costs associated with long-term care.
Elder Law in Bluffton, South Carolina
During the period between 1944 in 1964, an unprecedented number of babies were born. This phenomenon has been dubbed the “baby boom.” If you do the math, you can see that these people are attaining senior citizen status.
The Social Security Administration has stated that they are receiving an average of 10,000 applications for benefits each and every day. They expect this volume to continue into the foreseeable future.
An Elder law attorney is legal professional that focuses on the needs of senior citizens. Since so many people are entering this category, our services are particularly relevant.
Long-Term Care in South Carolina
Without question, the most pressing elder law issue that we are facing is the matter of long-term care. The vast majority of senior citizens will qualify for Medicare when they reach the eligibility age. This government health insurance will provide a strong safety net, but there are out-of-pocket costs.
In addition to the premiums, copayments, and deductibles for products and services that are covered, there is the gaping hole in the Medicare framework. This program will not pay for a stay in a nursing home or assisted living facility, and it does not pay for in-home custodial care.
If you are not too concerned because you think that it is likely that you will never need living assistance, you are in for an unpleasant surprise.
According to the United States Department of Health and Human Services, seven out of every 10 seniors will require help with their activities of daily living. About 35% of them will ultimately reside in nursing homes.
It is not easy to get out a checkbook and pay for nursing home care on your own. The costs are rising year-by-year, but you can expect to pay somewhere in the vicinity of $100,000 for year in a private room in a nursing home. These expenses can be doubled for married couples.
Nursing Home Asset Protection
What’s the solution? For many, it is Medicaid eligibility. This jointly administered federal/state government health insurance program pays for custodial care that you would receive in a nursing home.
You are probably aware that Medicaid is only available to people with very limited financial resources. There is a Medicaid asset limit of just $2,000, but there are some things that don’t count, including your home.
Other non-countable assets include one vehicle, wedding and engagement rings, heirloom jewelry, personal effects, and the items that you have around the house. You can have up to $1,500 of whole life insurance and unlimited term life insurance.
Prepaid burial plots are perfectly okay, and the program will not preclude you from eligibility if you have $1,500 or less set aside for final expenses.
It should also be noted that a healthy spouse is entitled to certain property rights. There is a Medicaid Community Spouse Resource Allowance that gives the independent spouse the ability to keep half of the shared countable assets up to a limit.
The healthy spouse can also continue to receive income that is brought in by the institutionalized spouse if it is needed to maintain a minimal standard of living. This is called the Medicaid Monthly Maintenance Needs Allowance.
Bluffton Elder Law: The Medicaid Spend-Down
When it comes to your countable assets, you could engage in a process called a Medicaid “spend down.” You could actually spend your assets yourself, but most people that take this route give loved ones their inheritances in advance.
Timing is key when you are spending down, because there is a five-year Medicaid look back period. Giving away assets in that five-year period will delay your eligibility.
An example of this penalty is giving away enough to pay for two years of nursing home care. Unfortunately, this delays your eligibility for two years. This is why it’s important to plan ahead in advance with the benefit of legal experience and guidance.
Can the Montgomery Law Firm Help Me Apply For Medicaid?
When it comes to Medicaid applications, the timing is key. You can only apply if it’s medically necessary, which can add to the stress. Hunter Montgomery is not just a Medicaid planning attorney; he’s someone who understands the importance of securing your finances with a thoughtful long-term care plan.
When it’s time to apply for Medicaid, the groundwork we lay together can significantly shorten the processing time, which typically takes about six months. Having a Medicaid asset protection lawyer by your side means you have a plan ready for when you need it, ensuring you can access Medicaid benefits promptly when the need arises.
You can also read more on elder law attorneys and what they do on our estate planning blog.
Contact Us for Help with Elder Law in Bluffton, SC
We are here to help if you would like to take steps to protect your legacy for the benefit of your loved ones with future nursing home costs in mind. You can send us a message to request a consultation appointment or you can call our office at 843-815-8580. We are here to help with any questions regarding elder law in Bluffton.
Our Estate Planning Lawyer is located in Bluffton, SC near Hilton Head Island, proudly serving clients from Pritchardville, Okatie, Brighton Beach, Windmill Harbor, and all of Beaufort County.
