We can explain some of the strategies that smart families use to protect their loved ones right now.
If you would like to discuss how this type of planning might benefit you more specifically and in greater detail, please give us a call. We’ll be happy to set up a convenient time when we can get together and answer any questions you might have.
Making informed decisions may become more difficult or even impossible over time. The longer you wait, the greater the risk becomes. But with proper planning, you will ensure that you’ve taken the best steps possible to protect your loved ones and your family’s financial security. Do it now before it’s too late!
If you would like the guidance of a law firm which has helped Mississippi families successfully deal with these issues for many years, please call us today at (601) 978-1700 or (800) 839-7857.
Protect an inheritance for you or your children. Our clients have worked hard all their lives to accumulate what they now have, and they desperately want to leave something to their kids. But planning hastily or inappropriately can make your plan and your assets vulnerable to attack. You can be penalized. Instead, let us help you accomplish your goals in a way that protects everyone, even if you, your spouse, or another family member needs nursing home care.
Keep your plan up to date. Estate plans change when a nursing home enters the equation. Most of our clients who are married have all of their assets in the name of both spouses. If one spouse then goes into a nursing home, what happens if the “healthy spouse” at home passes away first? In that case, under the typical estate plan, all of the assets would go to the nursing home spouse, and then would have to be spent down to $4,000. Instead, however, we are often able to redo the estate planning so that if the healthy spouse passes away first, assets can be put into a special type of trust for the benefit of the nursing home spouse, thus being protected from the high costs of care, and then perhaps passed on down to the kids as an inheritance.
Is your spouse or loved one in a nursing home, or may be soon? Are you contemplating financial assistance but afraid of potentially losing what you worked so hard for? Do you sometimes struggle, feel overwhelmed, frustrated and confused? We can help!
Protect your most important asset — your family home — from the State.
Many people think that if they receive Mississippi Medicaid for the nursing home, they will have to sell their house. Generally the house is exempt, and, as long as one or both spouses are alive, the property will not need to be sold. Additionally, after the person has been on Mississippi Medicaid and has passed away, the state will in most cases come back and try to recover money spent on their behalf. Oftentimes, through proper planning this “estate recovery” can be minimized or avoided.
Protect your hard-earned assets from growing nursing home costs. The cost of a nursing home can be $6,000 to $8,000 per month or more. In order for a single person to qualify for Mississippi Medicaid nursing home assistance, you would have to spend your assets down below $4,000. Good planning may be able to help you protect a substantial amount of your assets (i.e., 50% to 60%, or even more). For example, in the case of a married couple, they are not required to spend one-half of their assets on nursing home costs before the nursing home spouse can qualify for benefits. In some cases, we can even help protect all of your assets without the need to spend them down. It just depends on the facts and circumstances of each case.
This website contains general information about Kyle Wynn & Associates, PLLC. The materials provided on this website are for informational use only and are in no way intended to constitute legal advice. Transmission of any information from this website does not create an attorney-client relationship.
Content copyright 2020. Kyle Wynn & Associates, PLLC. All rights reserved.