A reduction in Medicaid could have an impact on long-term care in a nursing home.
Medicaid was set up to provide health care for poor people, including the elderly. Most of the people in nursing homes now receive Medicaid to pay for their care, according to The New York Times article titled “How the Medicaid Debate Affects Long-Term Care Insurance Decisions.”
With potential cuts possible by Congress in the future, Medicaid reductions have implications for many of the people now nearing retirement age.
Estimates are that approximately half of the people turning 65 today, will eventually need nursing home care. Many of them can expect to need it for five years or more.
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Read Our Current NewsletterIf Medicaid will not be available to pay for that care in the future, then people need to make plans for how they will pay for their care.
There are options available, such as self-funding for those who can afford it and long-term care insurance, which is very expensive.
An elder law attorney or estate planning attorney can advise you on any questions you have on options for nursing home care.
At Kavesh Minor & Otis, hereafter referred to as “KM&O”, estate planning is all that we do. We don’t just dabble in estate planning while practicing other areas of law.
Anyone can say they specialize in estate planning, but only an attorney who has passed an extra Bar examination and been reviewed by his or her fellow professionals may call him or herself a “State Bar Certified Specialist”. At KM&O, we have three Specialists on staff.
KM&O has been in business for over 35 years, all of which have been devoted exclusively to estate planning. During that time, KM&O has designed and built over 15,000 Living Trust estate plans, more than just about any other law firm in Southern California.
This is when an estate plan is truly tested! At KM&O, we have handled over 4,000 trusts and estates after people have passed and we build the knowledge gained from that unique level of experience into the custom design of your Living Trust plan.
KM&O has pioneered numerous innovations in estate planning, including the “Personal Asset TrustSM”, the “IRA Inheritance Trust®”, and the “Driver’s Manuals” for the Client, Trustee and Beneficiary. Furthermore, hundreds of estate planning attorneys from across the nation have paid to learn, license and use KM&O’s unique estate planning techniques and tools.
KM&O’s supervising attorney, Philip Kavesh, has been frequently quoted as an authority in The Wall Street Journal, Consumer Reports magazine, as well as The Los Angeles Times, and has been interviewed on numerous television and radio shows.
As one of the oldest estate planning law firms in Southern California, we have helped more families with estate planning and trust and probate administration matters than just about any other law firm. No matter what your needs are, we can simplify the process, protect your legacy, and preserve your family harmony.
