As life expectancy continues to rise, so too does the likelihood that many of us—or our loved ones—will need long-term care. Whether it’s in-home assistance, assisted living, or a skilled nursing facility, the costs associated with long-term care can be staggering. Yet too many people wait until a crisis strikes to think about how they'll pay for it.
At Generations Legal Group, we believe that proactive planning isn’t just smart—it’s essential. Here's why preparing for long-term care is one of the most important steps you can take to protect your assets, your family, and your peace of mind.
The True Cost of Long-Term Care
Long-term care expenses are rising nationwide. According to Genworth’s 2024 Cost of Care Survey:
- Assisted living facilities now average over $5,000/month.
- In-home care services can run $30–$35/hour, adding up to $6,000–$8,000/month for full-time care.
- Nursing home care, especially in a private room, often exceeds $9,000/month.
In Arkansas, the costs may be slightly lower than the national average—but they’re increasing every year, and still present a serious financial burden for many families.
The Medicaid Misunderstanding
Many people assume Medicare will cover long-term care, but the truth is sobering: Medicare does not cover custodial care, which is the type of care most often needed in long-term settings. Medicaid does cover long-term care, but qualifying isn’t simple.
To qualify for Medicaid:
- Your income and assets must fall below strict limits.
- Many people are forced to “spend down” their assets, losing much of what they’ve worked a lifetime to save.
But it doesn’t have to be this way. With advance Medicaid planning, we can help protect your assets and ensure you or your loved ones qualify for care when it’s needed most.
Why Early Planning Matters
Planning for long-term care before a health crisis gives you more options and greater control over your financial future. Here’s what early planning can accomplish:
- Asset protection: We can structure your estate in a way that legally shields your assets from being depleted by care costs.
- Medicaid eligibility: Proper planning can help you qualify for Medicaid without sacrificing everything.
- Peace of mind: Knowing that care is accounted for allows you and your family to focus on quality of life, not finances.
Tools for Planning Ahead
At Generations Legal Group, we use a variety of legal strategies tailored to your unique situation:
- Irrevocable Medicaid Asset Protection Trusts (MAPTs): These allow you to transfer assets out of your name, protecting them from Medicaid look-back penalties.
- Spousal protection planning: We ensure the healthy spouse at home isn’t left impoverished.
- Long-term care insurance review: We’ll help you understand your coverage—or explore alternatives if you don’t have it.
- Powers of Attorney and Advance Directives: Legal documents that ensure your wishes are honored even if you become unable to speak for yourself.
You're Not Alone—We're Here to Help
If you're concerned about long-term care for yourself or a loved one, don’t wait until it’s too late. The earlier you plan, the more options you’ll have to preserve what matters most.
At Generations Legal Group, we specialize in helping Arkansas families navigate the legal and financial complexities of aging with dignity. Our team, led by Certified Elder Law Attorney Todd Whatley, understands the intricacies of long-term care planning—and we’re here to guide you every step of the way.
Call us today at 479-601-4119 to schedule a consultation. Let's create a plan that gives you peace of mind for the future.
H. Todd Whatley, CELA*, LLM Elder Law
Owner, Generations Legal Group and The Elder Law Coach
Email: Todd@GenerationsLegalGroup.com
479-601-4119
2701 SE J St., Suite 109, Bentonville, AR 72712
Podcast for Seniors and their families.
*As certified by the National Elder Law Foundation, an ABA-approved organization for certification.
