Long Term Care - A Painful Reality

Revocation Of Power Of Attorney - Long Term Care - A Painful Reality

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Paying for long term-care is not easy. Most habitancy would not pick to live in a nursing home; however, sometimes it is unavoidable. The mean monthly cost of nursing homes in our area exceeds ,500. Assisted Living and home care are also very expensive. Here are some coarse misconceptions about long-term care:

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Revocation Of Power Of Attorney

1. Medicare will cover my nursing home bill - Not true. Medicare is a federal program that provides very petite coverage for positive short-term nursing home stays but no coverage for long-term care in a nursing home. Many habitancy confuse Medicare with Medicaid, since the names are very similar; however, the programs are very different. Medicaid is a means-tested program, which has very literal, wage and asset requirements. Medicaid will pay for long-term care if you qualify. Medicare will not pay for long-term care. This may seem unfair, but it is the law.

2. Once I enter a nursing home as a hidden pay resident, I must use up all of my assets before I can qualify for Medicaid - Not true. Although it is better to begin planning earlier, you may still protect almost one-half (and in many cases substantially more) of your assets even if you are already in a nursing home. Remember, the sooner you engage in elder law planning, the more assets you can protect for yourself and your family.

3. My power of attorney has the power to replacement assets out of my name in order to qualify me for Medicaid. There are many different types of powers of attorney and you will be able to protect your assets only if you have the permissible power of attorney. In order to have the power to replacement your assets for tax and long-term care purposes, your power of attorney must have very special language authorizing these types of transactions. Unfortunately, the vast majority of powers of attorney do not have these provisions. In addition, your agent may need further authority to create and fund a special kind of trust, known as a fine wage trust, which may be principal to design your eligibility for Medicaid under Florida law.

4. I should replacement my home to my children to get it out of my name - Not true. The many problems to this approach comprise creating unnecessary gift and capital gains taxes and losing the legal right to live in your home.

Fortunately, there are better ways to replacement your home to your children that avoid these pitfalls. Other techniques, such as the doing of a revocable trust to hold your homestead property, or the doing of a deed with an enhanced life estate, are more sensible approaches.

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