Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements

December 30, 2019Estate Planning, Legal Education

An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls.

Author
Recent Posts

Allison Manning

Latest posts by Allison Manning (see all)

Updating Your Plan: Powers of Attorney - January 18, 2021
How Will You Pay for Long-Term Care? - December 28, 2020
Preparing for the Unexpected…and the Eventual - December 14, 2020

In this day and age it is very rewarding and comforting to make a major decision for the long-term security of your family. Over 14 years ago we decided upon the Kinghorn Heritage Family to create our family trust. Through the years it became very evident that this decision was a major and necessary step for a secure future in an ever-changing legal climate. The Kinghorn Family has been a close friend that has always been there to serve our family.

Gary and Velma T. Client Review September 8, 2020

We appreciate the programs presented that keep us informed and updated in today’s internet and financial world. It is a comfort to know that you are only a phone call away if questions arise.

Robert and JoAnn H. Client Review September 8, 2020

We enjoyed meeting all the behind-the-scenes people on your team and want to thank you for the peace of mind you’ve given us and our children.

M.D. Client Reveiw September 8, 2020

What an amazing law firm, where the people I refer to them are handled as good friends, family, and confidantes.

Eileen E. Client Review September 8, 2020

Thank you Allison and Kinghorn Law family for everything you have done to make our end-of-life decisions a reality and stress free. When we think of Kinghorn: trust, peace of mind, professional. Outstanding Law Firm!

Ken and Cheryl V. Client Review September 8, 2020

Very satisfied with your company and staff.

Robert and Britt O. Client Review September 8, 2020

There are few things in life more devastating to a family's finances than when a person must go into a nursing home. Many people do not realize the devastation that can result from a move into a nursing home because it is commonly assumed Medicare or private insurance will pay. Unfortunately, this is usually not the case. If you will some day need to pay for long-term care, you should begin making your plans today to protect your wealth and ensure a lifetime of work is not lost in a matter of months as you pay thousands for nursing home bills. You should take action to protect the money you want to leave to loved ones, and to find ways to pay for your nursing home care so you can afford a home where you will be safe and secure. Kinghorn Heritage Law Group can help.
How Can You Pay for Long-term Care
Your options to pay for long-term care will vary based on your insurance coverage; your military history; and the amount of money and assets available to you. Possible sources of payment include: • Medicare or private insurance: This is an option in very few circumstances. If you need short-term care because skilled medical services are required, Medicare may pay the bills. • Arizona Long Term Care System (ALTCS): ALTCS is available to eligible seniors who require placement in a skilled nursing facility or other approved care environment. You can find out more here about how the program works and how you can qualify. Kinghorn Heritage Law Group will help you to try to get covered. • VA Benefits: Depending upon income, health needs, and availability at the time when you need care, the VA can provide certain assistance in getting your long-term care needs met. You can get help with home healthcare, adult daycare, medical foster care, and more. Aid & Attendance benefits may also be provided to eligible veterans who meet the criteria. This is an increase in your normal pension to help you to pay the costs of long-term care. You may have other options as well, such as purchasing long-term care insurance. Kinghorn Heritage Law Group assists with exploring all of the different sources of payments available based on your background and your current health issues.
What Should You Do to Plan for Payments for Long-term Care?
The key to making plans for covering long-term care costs is to find ways to protect your assets. Asset protection is vital because the costs of nursing home care are so high. The Genworth Cost of Care Survey indicates long-term care could be priced at approximately $70,080 in Arizona, which is more money than many seniors have coming in from Social Security and pensions. Remember, most insurance won't pay this bill for you. If you cannot pay for nursing home care out of your monthly income, you could be forced to begin selling assets to get covered by means-tested programs that pay for care. ALTCS has both income limits and resource limits, so this means you must do more than just spend your money on nursing home care. You may have to sell certain assets until you come down below the eligibility threshold to get covered. If you work with an experienced attorney, you could protect some or all of your assets, depending upon what you own and when you begin your planning process. Kinghorn Heritage Law Group can assist you with Medicaid Planning to help you neutralize that threat through the creation of a smart plan to get costs covered.
How Can a Long-term Care Planning Lawyer Help You
Kinghorn Heritage Law Group is here to help individuals and families make plans for getting long-term care costs covered. Our Tucson nursing home planning lawyers know how life-changing it can be when you or someone you love needs to move temporarily or permanently into a nursing home. We will help you to make that transition as stress-free and easy as possible by ensuring you can pay for it... without losing a lifetime of wealth or the chance to leave a legacy. To find out more about how we can help you pay for long-term care, give us a call at (520) 529-4000 or contact us online today. We provide assistance in making early plans to get care costs covered and can help if the need for care is imminent and you need advice today on how to pay while protecting assets.

Chandler V. Client Review September 8, 2020

Estate Planning attorneys are sometimes criticized for offering needlessly complex, 'canned' solutions. This never has been the case with Kevin. The documents he created were comprehensive when appropriate and surprisingly simple when suitable. In every case, they were individually crafted to meet our unique needs.

Rich D. Client Review September 8, 2020

<< Prev

Next >>

How Can You Pay for Long-term Care

What Should You Do to Plan for Payments for Long-term Care?

How Can a Long-term Care Planning Lawyer Help You

Footer

Connect with Us