ALTCS/Medicaid Planning

You just learned that your spouse or parent needs expensive long-term care. There’s no long-term care insurance, and you are worried about running out of money. What do you do?

How do you prevent this situation from happening to you?

The Arizona Long Term Care System (ALTCS) pay-rate for skilled nursing home care in Pima and Pinal counties is over $88,000 per year, and private pay rates are often higher! Do you worry about running out of money if this happens to you? You’re not alone. Many fear long-term care costs will drain their savings.

Maybe you’ve heard a story similar to Mary and Fred

What can you do if your family is in crisis and a loved one needs care NOW?

Jennifer and Mark…

Scared and frustrated, Jennifer knew her husband Mark needed care with his Dementia diagnosis. Their small savings had already started to dwindle. She knew her husband needed care, but she wondered how she could afford it and not run out of money herself. She applied for ALTCS for Mark twice, and ALTCS denied each application because “she had too many assets” though she could not understand why ALTCS came to that conclusion. ALTCS instead told her she had to spend nearly half her assets before Mark could qualify for state assistance. Her financial advisor suggested she contact us.

What can you do if your family is in crisis and a loved one needs care now?

Jennifer and Mark…

Scared and frustrated, Jennifer knew her husband Mark needed care with his Dementia diagnosis. Their small savings had already started to dwindle. She knew her husband needed care, but she wondered how she could pay for the care and not run out of money herself. She applied for ALTCS for Mark twice, and ALTCS denied each application because “she had too many assets” though she could not understand why ALTCS came to that conclusion. ALTCS instead told her she had to spend nearly half her assets before Mark could qualify for state assistance. Her financial advisor suggested she contact us. (click here to read more or here for a video of her story)

When we met in person, we explained the rules and regulations that ALTCS follows in reviewing applications and walked her through the complexity of the bureaucratic process in a way she could understand. We also introduced her to strategies she never would have known that would allow ALTCS to ultimately permit her to keep more of her assets while still approving Mark’s application. She liked how we followed the ALTCS rules yet helped ensure she used them to their maximum advantage. Knowing that she could keep more money for her needs while Mark’s application would still be approved set her mind at ease.

She engaged our services to help her implement these strategies and help Mark apply for ALTCS. A few months later, Mark received his ALTCS approval.

What can you do to position yourself now so that future long-term care needs don’t devastate your finances?

Bob and Sandy had been married for 45 years. Bob had been diagnosed with Dementia, but he felt fine and didn’t notice any impairment. Unfortunately, Sandy felt differently. Not only did Sandy worry how Bob’s future care costs might consume their small savings, but she also worried about Bob’s judgment given he thought everything was fine.

What can you do to position yourself now so that future long-term care needs don’t devastate your finances?

Bob and Sandy had been married for 45 years. Bob had been diagnosed with Dementia, but he felt fine and didn’t notice any impairment. Unfortunately, Sandy felt differently. Not only did Sandy worry how Bob’s future care costs might consume their small savings, but she also worried about Bob’s judgment given he thought everything was fine. (click here to read more or watch the video)

Sandy and their trustworthy son Arthur wanted to plan now so that if Bob needed long-term care, it would not deplete their assets. Some assets, including their home, were up in value, and they did not want to take any steps now that would create a tax problem later. They had read about certain trusts on the internet, but though a few Tucson attorneys help clients apply for ALTCS, you can count on one hand the number of attorneys skilled enough to help clients pre-plan in a tax-advantaged way to protect against future significant long-term care costs.

When we met in person with Sandy and Arthur, we explained how the complex ALTCS transfer rules work in a manner that they could understand. We shared how a properly created irrevocable trust could prepare them in a tax-advantaged way so that if Bob’s health situation deteriorated in the future, they would have options—to private pay or apply for ALTCS—whichever option worked better for them. They began to see the planning somewhat like insurance—you hope you never need it but want to have options should the situation require it. They hired us to help them pre-plan.

Today, though Bob’s health has declined, he does not yet require additional care. Knowing they have options and are prepared for the worst case has taken a load off their mind and allowed them to enjoy their family time together as much as possible.

Find extra resources here.

To get your peace of mind…

Step 1

Call us at 520-395-1551 to briefly discuss your case

Step 2

Let us understand your situation and confirm we are the right fit to guide you.

Step 3

Get true peace of mind knowing you can ensure your loved one has the care they need while preserving your assets as much as possible.