The Importance Of Incapacity Planning
Incapacity planning involves preparing for situations where you may become unable to manage your own affairs due to illness, injury, or other reasons. It’s vital because it ensures that your wishes are respected and your affairs are properly managed if you can’t make decisions for yourself. Key elements include powers of attorney and revocable living trusts. In Oklahoma, long-term care options include:
- Home Health Care
- Assisted Living
- Nursing Homes
- Adult Daycare
Long-Term Care And Medicaid
Medicaid can cover long-term care costs if you meet certain eligibility requirements, especially if you lack the ability to pay for care yourself or don’t have long-term care insurance. In Oklahoma, Medicaid considers the following exempt assets:
- Your home up to the equity limit
- Personal belongings
- One vehicle
- Term insurance and whole life with a face value does not exceed $1,500.00
- Countable assets of $2,000.00 or less
- Certain types of trusts
If you qualify, Medicaid can cover 100% of the costs for qualified nursing home care. This financial assistance is vital for many individuals and families who otherwise could not afford the high costs associated with long-term care.
For more information on Planning For Incapacity, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 449-5777 today.
Attorney Dan Loeliger of Legal Advantage Group in Oklahoma is an experienced estate planning attorney who has guided numerous clients through the complexities of incapacity planning and long-term care options. With a deep understanding of Oklahoma's Medicaid eligibility criteria and the nuances of long-term care planning, Dan helps clients secure their future and ensure their wishes are honored. He is dedicated to providing personalized advice and support.
If you're looking to safeguard your estate and plan for the future, contact Legal Advantage Group today to schedule a consultation with Dan Loeliger.
