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Home » BLOG » Planning for Long Term Care

Planning for Long Term Care

July 4, 2012 by Stephen A. Mendel, Estate Planning Attorney

Long term care in a nursing home can be very expensive. If you do not plan properly, you can lose most of your assets before Medicaid will start paying for your care. Because you do not know whether or not you will need it, planning for the possibility of long term care should be a part of your overall estate plan. You have several options to plan for long term care. In Texas, you even have a unique option that is not available in most other states.

In Texas, you can use a particular type of enhanced life estate deed known as a “Lady Bird Deed.” It gets its name as it is what former President Lyndon Johnson used for his own estate. Basically, this deed gives you a life estate in your home and the home automatically passes to a beneficiary upon your death. However, there are certain advanced features. You can still control the property and sell it without the consent of the beneficiary, which is unlike a traditional life estate. Perhaps most importantly to most people, the home is exempt from Medicaid claims during your lifetime.

A Lady Bird deed is not right in every situation. It is one tool out of many that an estate planning attorney has to assist you in planning for the eventuality of long term nursing home care.

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Stephen A. Mendel, Estate Planning Attorney
Stephen A. Mendel, Estate Planning Attorney
Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
Stephen A. Mendel, Estate Planning Attorney
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Filed Under: Incapacity Planning, Long Term Care, Medicaid Tagged With: asset protection, asset protection planning, Elder Law, Estate Planning, financial planning, incapacity planning, long term care, medicaid, nursing homes

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About Stephen A. Mendel, Estate Planning Attorney

Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.

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