Elder law is not just for the elderly. Elder law focuses on asset protection and long term care planning by using tools such as estate planning, disability planning and Medicaid benefit matters to ensure long term care needs are met.

Medicaid Planning (Proactive/Crisis Planning)

The purpose of Medicaid planning is to protect you or a loved one from becoming impoverished as well as to preserve assets for future generations. This planning is needed if you or a loved one is currently in a nursing home/assisted living facility, will be going to one in the near future, or just in need of long term care.

Long-term care planning (Proactive Planning)

Planning for long term care needs now will help protect you in the future.There are currently over 78 million baby boomers in the United States who will retire over the next two decades. The average cost of a year of nursing home care today is nearly $100,000 a year. Thus, through proactive planning, you and your family can prepare for unexpected long-term care expenses.

Nursing Home Costs and Protecting Assets

Nursing home are extremely expensive. Depending on the geographic area, nursing home costs can be as much as $10,000 to $ 12,000 a month. Any retirement savings a nursing home resident has accumulated are often quickly depleted.

Members of the family who provide long term care services and housing prior to the need for a nursing home are not recognized by Medicaid for their sacrifice and they are not allowed to receive any transfers of money from the Medicaid recipient or the spouse.

There are legal ways to transfer more money or income to a healthy spouse or to transfer assets to family memebrs. However, our law office understands Medicaid transfer rules and can help with providing more for a healthy spouse or transferring assets to other deserving family members.

Life Insurance for Long Term Care Planning

LIfe insurance can be used as an alternative for funding the cost of long term care. If someone planning for the eventuality of long term care is concerned about losing assets that would normally be passed on to the children or be needed by surviving spouse, that person can invest a portion of those assets in life insurance and leverage a death benefit payout.

Another use for life insurance for the elderly is in paying the cost of final expenses such as funeral and burial.

Guardianship

This is the legal process of appointing a competent adult to take on the responsibilities, care, custody, and control of an incapacitated person’s (ward), personal property interests.

Guardianship is needed typically in three situations:

  • Guardianship for an incapacitated senior
  • Guardianship for a minor and or
  • Guardianship for a developmentally disabled adult
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Happy female caretaker assisting senior man in using Zimmer frame at nursing home yard

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