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Salt Lake City UT Long Term Care Planning Attorney

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Published on Mar 22, 2012

Salt Lake City UT Long Term Care Planning / Elder Law Attorney Calvin Curtis discusses how to preserve your assets...

http://www.curtiselderlaw.com/index.php

Did you know that, if you are single, the odds are 50 percent that you will need long-term care? If you are age 65 and married, the odds are 75 percent that you or your spouse will need long-term care. The average nursing home stay, by the way, is 2.5 years.

Long-term care is expensive. Nationally speaking, a year in a nursing home is estimated to cost an average of $76,460. Is it any wonder that 50 percent of mature couples become impoverished within a year after either spouse enters a nursing home? The number jumps to 70 percent for widowed or single persons.

By the way, forget about Medicare paying for your chronic long-term care needs. Medicare only pays for acute nursing home care for up to 100 days, and even then your eligibility and payments are subject to very strict requirements. Remember, too, Medigap (i.e., Medicare Supplement) policies typically will not pay for your chronic long-term care needs either.

What about giving away your assets to your loved ones to qualify for Medicaid (i.e., welfare)? Legally speaking, any transfer of assets for less than fair market value (i.e., a gift) may subject you to a lengthy period of ineligibility under the complex and confusing web of Medicaid Regulations. And transferring assets can be hazardous for other reasons. Consider this: What would happen if your transfer of assets to loved ones rendered you ineligible for Medicaid assistance, AND then those loved ones subsequently lost the assets through squandering, divorces, lawsuits or bankruptcies? Not good.

For more information about Long Term Care Planning and Elder Law please visit Calvin Curtis site at ....

http://www.curtiselderlaw.com/Utah-El...

To schedule a consultation from Calvin's site please visit...

http://www.curtiselderlaw.com/Estate-...

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