Estate Planning Lawyer Michael T. Huguelet, founder of the Law Office of Michael T. Huguelet, P.C. in Orland Park, IL, outlines how to qualify for government medicaid without needing to offload your assets. For more information please visit https://www.hugueletlaw.com
Orland Park, IL, United States - January 10, 2021 /MM-REB/ —
In a recent podcast episode, top estate planning and elder law attorney Michael T. Huguelet, founder of the Law Office of Michael T. Huguelet, P.C. in Orland Park, IL, revealed how to sidestep extravagant nursing home care costs and qualify for government aid.
For more information please visit https://www.hugueletlaw.com
When asked for a comment, Huguelet told listeners, "The cost of nursing home care these days is somewhat frightening. A realistic estimate of skilled nursing care costs is in the neighborhood of $10,000 per month. And on top of this, two-thirds of everyone will be required to receive some form of skilled nursing care."
High long-term care expenses then lead to the question of how people are able to meet these costs.
"Prior to the government helping or defraying the costs as part of the Medicaid program, what's required is that you spend down your assets. Here in Illinois, you're entitled to $2,000 in assets to qualify for Medicaid," Huguelet commented.
He further added that any cash tied up in personal savings property, stocks, or bonds would need to be liquidated to get below that $2,000 mark to get the government to pay for nursing home care costs.
Huguelet has devised the ‘Family Money Protection Plan’ to help his clients simultaneously protect assets and qualify for Medicaid. When asked to elaborate, he said, "Depending on each family's circumstances, there are things that we can do to maximize the amount of assets that mom or dad can pass down to their children or other beneficiaries and still qualify for Medicaid. This is a completely legal route to take and something that people who have been paying taxes their whole lives are entitled to," he said.
Huguelet was quick to add that by setting up this type of plan, assets are protected when qualifying for Medicaid to meet that $2,000 limit for countable assets.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Website: https://www.hugueletlaw.com
Source: MM-REB
Release ID: 88991877
