ALTCS Denied for Income…But the Real Problem Was $415,000
ALTCS Denied for Income…But the Real Problem Was $415,000
A social worker referred Steve to us.
His aunt Rebecca has ALS…
…and requires 24/7 hands-on care.
Steve and his wife Kim have been providing that care themselves.
They’re down to one income…
…and need support so they can get back to work.
Steve had already applied for ALTCS.
Rebecca was denied.
The reason?
Her income was too high.
He came to us looking for help setting up a Miller Trust…
…so he could get her approved.
But during our consultation…
…we uncovered a much bigger issue.
Rebecca had $415,000 in a trust…
…set up by an estate planning attorney.
Everyone believed that trust protected her assets from ALTCS.
It didn’t.
All $415,000 was countable.
Which meant ALTCS would require her to spend down to $2,000…
…before qualifying.
We showed them a different path.
We could protect about 75% of those assets…
…and qualify Rebecca for ALTCS at the same time.
Rebecca hired us.
We got her approved.
When her ALTCS coverage started…
…she still had $310,000 protected for her care.
ALTCS approved 25 hours a week of in-home care…
…worth about $4,333 a month.
On top of that…
…Rebecca now uses her income…
…and about $1,200 a month from her protected assets…
…to pay for an additional 30 hours of care.
That’s over 50 hours a week of support.
Without ALTCS…
…her $415,000 would have been gone in about 6 years.
With the plan we put in place…
…her protected assets will last over 20 years.
She will never run out of money in her lifetime.
If you have clients with trusts who think their assets are protected…
…have them call us today for a free consultation.
