🌟 Key Takeaways from the Interview:
The Reality of Long-Term Care Costs:
On average,
individuals might find themselves spending about $7,300 per month on nursing home care. Over a span of three years, this can amount to over $400,000! These figures are not just alarming, but they also indicate the pressing need for sound financial and estate planning.
You're Not Alone in This:
The complexities of elder law can be daunting. However, with the assistance of elder law attorneys specializing in benefits, you can navigate this journey confidently. Attempting to decipher
the intricacies of obtaining government benefits without professional help can lead to missed opportunities and potential pitfalls.
Greg McIntyre's Top
Five Tips:
- Don't Give Away Your Assets: Doing so can disqualify you from potential benefits.
- Utilize Spend Down Strategies: These strategies can help protect your assets while still ensuring you qualify for the benefits you need.
- Apply at the Optimal Time: Waiting can cost you in missed benefits.
- Detail is King: When applying, precision is paramount. Ensure that all information provided, especially concerning how assets are protected, is accurate and detailed.
- Don’t Give Away Your House: A common misconception, but
relinquishing ownership of your home is not necessary. Utilize strategies like the lady bird deed to protect and retain ownership.
The Importance
of Early and Consistent Planning:
Planning for the future, especially when it's uncertain, is essential. Regular check-ins with professionals ensure that your plan is up-to-date and most beneficial for your unique situation.
