Law Office of Harvey L. Cox provides asset protection services from our offices in Waco and Round Rock, Texas.

Law Office of Harvey L. Cox provides asset protection services.

How Common Is It That Long-Term Care Costs Are Not Properly Planned For?

| Feb 20, 2023 | Long-Term Care Planning

In this article, you will discover:

  • What could happen if you do not properly plan for long-term care
  • The most effective long-term care cost planning measures

According to recent survey information, approximately 93% of people do not have Long-Term Care insurance, and they have not made other arrangements for long-term care.

What Can Happen If You Have Not Properly Planned For Long-Term Care Costs In Texas? Can I Lose All Of My Assets?

Yes, it is possible to lose all your assets. To qualify for Medicaid for long-term care, you are limited to $2,000 in assets. It you do not make arrangements to avoid probate, the family home could be lost through the Texas Medicaid Estate Recovery Program.

What Are The Most Effective Long-Term Care Cost Planning Measures Everyone Should Take To Protect Their Assets?

Long-term care insurance is a good way to plan for long-term care costs. There are, however, other options that can provide income for long-term care costs. Each individual situation must be examined to determine if there are ways to repurpose assets for long-term care costs.

For more information on Long-Term Care Planning In The State Of TX, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling 866-799-2124 today.