In the past, wealth transfer planning and protecting a spouse in the event of an individual being forced into a nursing home due to incapacitation were two separate issues. But after the Deficit Reduction Act of 2005 (DRA) became a law in February of 2006, these issues became linked. The impact of the DRA means that if you want to have as much control as possible over planning for long-term care, you need to be proactive about the nursing home topic at least five years before it becomes a necessity.
Coordination between estate and long-term care planning is also a requirement of the DRA. Although the thought of needing to plan so early or potentially making a mistake that could significantly limit future options can feel overwhelming, this isn’t something you have to do on your own. Life Care Legal Counselors will help you navigate all the complexities of this type of planning and enable you to create the most secure position possible.
Because we’ve been dealing with this issue for the last decade, we can help with everything from the initial early planning to preparing a Medicaid application. As experts who stay on top of all changes within this area of the law, you can count on us as a trusted advisor to help you with these often challenging decisions.