Elder Law, Nursing Home Protection & Medicaid Planning
Sioux Falls Medicaid Lawyers and Asset Protection Attorneys
Protecting Your Home and Life Savings
Americans are experiencing longer lifespans, leading to an increased need for long-term care. This type of care can be financially burdensome, making elder law a crucial area of focus. Elder law encompasses various practice areas, including long-term care planning, Medicaid planning, estate planning, and asset protection. Our South Dakota elder law attorneys possess extensive expertise in these realms, dedicated to assisting seniors and their families navigate the complexities of aging.
Asset protection planning emerges as a pivotal aspect of elder law. Preserving assets safeguards individuals against financial depletion due to long-term care expenses, providing them with valuable options. Protecting assets is particularly vital for spouses, as nursing home costs can often lead to financial strain for the remaining partner. Even if a loved one is already in a nursing home, asset protection planning remains feasible. Our team includes South Dakota's only board-certified Elder Law Attorney recognized by the National Elder Law Foundation, an accreditation endorsed by the American Bar Association. We possess comprehensive knowledge in tax planning, asset protection, Medicaid and VA regulations, and estate planning, enabling us to craft holistic plans tailored to each family's needs.
A qualified elder law attorney must excel in Medicaid planning. Contrary to common misconceptions, spending down assets or navigating Medicaid's five-year look back period aren't the only options available. Our Sioux Falls elder law attorneys specialize in Medicaid planning and recovery, offering guidance and solutions tailored to individual circumstances. While based in Sioux Falls, South Dakota, we extend our services statewide and we are honored to serve clients in Iowa, Minnesota, Nebraska and North Dakota as well.
Common Questions About Elder Law
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?
Medicaid Protection
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.
We Offer
- 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