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Each year individuals spend millions of dollars on estate planning to ensure their estates, assets and heirs are protected from the threats of estate taxes, the probate process and administrative costs. Additionally, many people spend further sums on asset protection planning to protect themselves and their heirs from litigation and creditors’ claims. During this entire time consuming and costly process, the individual and their planners are completely oblivious to the largest threat facing themselves and their estate:

Long-term care costs. Clients who have successfully benefited from SRB’s services have had net worth from as little as $25,000 to as much as $3 million. Long-term care costs are costs such as nursing home costs, in-home health care costs, prescription medication expenses and medical expenses. Statistics compiled by the Federal government’s Medicaid agency, the Centers for Medicaid and Medicare Services, reveal about 50% or 1 out of every 2 people require some type of long-term care during their lifetime. Most individuals suffering from Alzheimer’s disease or other dementia related illness require care for almost 11 years while most non-Alzheimer’s and non-dementia patients require care for a little over 3 years.

Many recent studies have shown the average monthly cost of care in a semi-private room in the Midwest to be approximately $4,200 per month. The cost of care at home as well as the cost of care in a private room in a nursing facility is much more. Prescription medications are often an additional $500 to $1,000 per month depending upon the individual’s illness and medications prescribed. Due to the likelihood most individuals will incur long-term care costs and due to the fact those costs are extremely expensive, most people should incorporate benefit planning into their estate or asset protection plans.

Senior Resources & Benefits, L.L.C. (“SRB”) are experts specializing in Medicaid, Medicare, Veteran (“VA”) and Social Security benefits. Additionally, SRB offers asset protection planning and estate planning very different from other planners. It integrates benefit planning within the clients’ asset protection planning or estate planning. Most asset protection or estate plans do not address Medicaid or other benefits leaving clients completely vulnerable to long-term care costs.

SRB offers two different types of planning being crisis planning or pre-planning. In crisis planning, SRB assists the client in analyzing his or her case under the appropriate rules, planning the case and taking the necessary steps to qualify the client for benefits immediately, even if the client is already in a nursing facility and even if the client has not done any planning previously. Proper crisis planning enables the client to qualify for benefits without having to wait any time period (i.e. 3 or 5 years) in order to qualify for benefits. Pre-planning is for those individuals who are not ill and will not be needing care until some time in the future, if at all. Many of these clients have already done their estate planning which is completely void of any benefit planning.

Pre-planning allows the client to incorporate benefit planning into his or her existing estate or asset protection plan. If the client has not done any planning, it allows the client to structure his or her estate or asset protection plan with the necessary benefit planning provisions.