Elder Law, Nursing Home Protection & Medicaid Planning
Sioux Falls Medicaid Lawyers and Asset Protection Attorneys
Protecting Your Home and Life Savings
The good news is that Americans are living longer than ever before. The bad news is that many of us will eventually require long-term care, which is very expensive. Elder law incorporates a wide range of practice areas, including long-term care planning, Medicaid planning, estate planning, asset protection and more. Our South Dakota elder law lawyers have extensive experience in all of these areas, and are committed to helping seniors and the people who love them manage the changes that come with growing older.
One of the most important things you can do is asset protection planning. If you go broke from long-term care expenses, you have no choices left. Preserving your life savings or protecting your home gives you options. It is especially important to protect assets when there is a spouse at home otherwise all too often that spouse at home is becoming impoverished paying for nursing home care for their spouse and still having living expenses for themselves. Even if you have a loved one in a nursing home, it’s not too late to do asset protection planning. We have South Dakota’s only board-Certified Elder Law Attorney by the National Elder Law Foundation, which is the only elder law program accredited by the American Bar Association. We understand the tax planning, asset protection planning, Medicaid and VA rules, and estate planning components to putting together a holistic plan that works for the family. A qualified elder law attorney should be a skilled Medicaid planning attorney. If someone tells you that you need to just spend down to get qualified for Medicaid or that there is no way around Medicaid's five-year look back period, visit with one of our Sioux Falls elder law Attorneys to learn about your options for medicaid planning and recovery. Although our elder law attorneys are located in Sioux Falls, South Dakota, we help clients throughout the state of South Dakota, and our elder law attorneys also help clients in Minnesota and Iowa.
Elder Law FAQs
Can I give away assets to protect against nursing home costs before I get sick?
Does Medicare pay for nursing home costs?
What can I do to prevent becoming poor and going broke due to high costs of nursing home care?
What should I do if my spouse is going into an nursing home and I’m worried about going broke?
Can a nursing home take your house?
What assets are exempt from Medicaid?
The most common exemptions are the home if there is an intent to return home or a spouse still living in the home, an irrevocable funeral contract up to a certain dollar amount, life insurance if it has $1,500 or less in cash value, a vehicle, and household or personal items.
Does my trust protect from Medicaid?
Do I need to spend down to qualify for Medicaid?
Should I get an annuity?
I didn’t plan 5 years in advance, is it too late?
One of the primary goals of elder law is to help seniors find ways to pay for expensive long-term care. We don’t want to alarm you, but consider the following statistics:
- Nearly three out of every four people over the age of 65 will require long-term care at some point in their lives.
- The median cost of nursing home care in South Dakota for a private room was an average of $100,000 a year for our area. In certain situations, nursing home care costs considerably more, and costs are expected to rise dramatically in the future.
- Many families exhaust their life savings within a year or two of a family member entering a nursing home.
- Statistics don't matter when something happens to you or your loved one. Contact our Sioux Falls elder law and Medicaid planning attorneys today to visit.
- Medicaid Asset Protection Trusts
- Veterans Asset Protection Trusts
- Care Agreements
- Asset Protection Plans
- Medicaid Compliant Planning
- Benefits Planning
- Spend-Down Avoidance Plans
- Medicaid Applications
- Qualified Income Trusts/Miller Trusts
- Irrevocable Trusts
- Promissory Notes
- Special Needs Planning
- Powers of Attorneys for Seniors
- Estate Planning for Seniors