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Planning Ahead For Long-Term Care

In this day in age, with incredible medical advancements and a focus on living healthier lifestyles, Americans are living longer than ever before. With this increased life expectancy, however, a record number of seniors will require long-term care in one form or another. It’s safe to say that anyone who makes it to their senior years should expect to need long-term care.

Unfortunately, as with most living expenses these days, the cost of long-term care (including nursing homes, assisted living facilities, and in-home care) is growing every day. It is becoming an all too common occurrence for families to run out of money within a few years of moving into a nursing home or assisted living facility.

What many people find out far too late is that neither private health insurance companies nor Medicare will cover the costs of long-term care. With these costs ranging from $4,000 to well over $12,000 per month families all over the country are finding themselves in a dire position of not being able to provide care for themselves or their loved ones.

Advance planning can help reduce a significant amount of this burden. Here at Stafford Law Firm, we have experience with the various elder law and Medicaid planning strategies available for you – whether you are preparing for yourself or your aging parents. We can help make sure you have a detailed plan which will ensure that your wishes are honored and that you are in a good financial position to provide the care you need.

Elder Law & Medicaid Planning Strategies Can Help

Considering the incredibly high costs seniors face for long-term care, it makes sense that America is facing an elder-care crisis. It is a heartbreaking reality that seniors are seeing all of their financial cushion they worked so hard to achieve, vanish in a very short amount of time to cover the costs associated with long-term care.

The good news is that if you take the steps to plan ahead and put the proper strategies into place, you can ensure that you and your loved ones will be financially protected and well-cared for. There are even strategies (such as income and/or asset trusts) that can be put in place in order to qualify for Medicaid even if it appears that your income or assets are too high to be eligible.

We can help you utilize common and ethical Medicaid and other financial planning strategies in order to take advantage of government benefits so that you will be able to live out your elder years in confidence, without stressing about how you will pay for any necessary long-term care.

Elder Law ​Is Not One Size Fits All

Elder Law is a specific legal area that covers a number of different issues that impact the lives of the elderly. The majority of the issues involve estate and financial planning matters that are specific to aging individuals. An experienced Elder Law Attorney will be able to help you make sure you have all the necessary documents in place (such as wills, trusts, a durable power of attorney, and advanced directives).

Having all of these documents and plans in place will help ensure your family and loved ones know your wishes and have the means to carry them out if you are unable to dictate them for yourself.

Give us a call today to learn more about the important steps you need to take to prepare for your future.

Frequently Asked Questions

Medicaid will look at both your assets and income when determining if you qualify for benefits. They have two separate tests (one for income and one for assets) and if you except their threshold for either, you will not be eligible to receive Medicaid benefits.

Elder Law refers to an area of legal practice that works specifically with people currently in or about to enter their senior years. Elder Law is a bit different than traditional estate planning, since the needs of aging individuals are more specific and unique. Generally Elder Law attorneys will focus on protecting the financial interests of their clients, as well as making sure they have the care they need in the future.

There are numerous Medicaid planning strategies to help protect your income and assets from Medicaid. Some of the most common strategies include asset protection trusts, income trusts, annuities and promissory notes, spousal agreements and refusals, and caregiver agreements.

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