Long-term care is a major elder law concern. About 70 percent of seniors will need help with their day-to-day needs, and more than one third will require nursing home care. A year in a nursing home in the Charlotte, North Carolina area comes with a price tag of about $100,000, and the figure is $80,000 for Ashland, Kentucky. One year is the average length of stay, and of course, a married couple may receive two different sets of nursing home bills. In-home care is another option for some … [Read more...] about This VA Benefit Can Give Seniors a Boost
When you work and pay FICA or self-employment taxes, you get something in return for your contributions. In 2021, you receive one credit for every $1470 you pay taxes on, and the maximum annual accrual is four credits. You become eligible for Social Security and Medicare when you have 40 credits. For Medicare, the eligibility age is currently 65, though there are proposals to reduce the eligibility age. The age at which you can qualify for Social Security is not as simple and … [Read more...] about Will Medicare Cover Living Assistance?
People have a tendency to project strength, and this can be a positive attribute in many instances. However, as you get older, the air of invincibility can start to become dangerous because no one can escape the eventualities of aging. Life Expectancy You probably expect to be able to enjoy active pursuits during your retirement years, and it can be hard to imagine a time when you will have significant physical limitations. It becomes easier when you understand the life expectancy for someone … [Read more...] about Longevity Statistics Shed Light on Nursing Home Asset Protection
We are going to answer a common question about one aspect of the Medicaid guidelines in this post. However, before we focus on this particular subject, we should provide an overview so you understand why many people seek Medicaid eligibility late in their lives. Long-Term Care Most senior citizens will need help with their activities of daily living, and 35 percent of elders will eventually reside in nursing homes. You can expect to pay over $70,000 for a year in a nursing home in Kentucky or … [Read more...] about Medicaid Answers: Can a Married Person Keep Their Spouse’s Income?
Some people are surprised to hear that Medicaid is very relevant to senior citizens who will qualify for Medicare. Why is this the case? Medicare will not pay for a long-term stay in a nursing home, and these facilities are very expensive. Medicaid Asset Limit Medicaid is intended for people with very sparse monetary resources so there is a modest asset limit. We have elder law offices in North Carolina and Kentucky. The limit in both of these states is $2000, and there have been no changes … [Read more...] about What Is the 2021 Medicaid Asset Limit?
The aging process is easy to perceive from a distance, but when you are in the middle of it on a day-to-day basis, it is not so easy to see. Your instinct is to keep yourself in shape, and you never really think about natural forces working against you as the years pass. This dynamic makes it hard to wrap your head around the eventualities that are simply part of the human condition because you don’t want to “give up.” At the same time, when there is a potentially difficult road ahead, it … [Read more...] about Elder Care Planning: Get Past the Mental Barrier
It can seem as though the system is set up to make sure that your bases are covered during retirement if you do your part. Social Security will provide some monthly income, and Medicare will serve as a source of health insurance. In some ways, this arrangement is effective, but you should understand all the facts so you do not make overly rosy assumptions about the extent of Medicare coverage. Out-of-Pocket Costs There are some significant out-of-pocket costs that go along with Medicare … [Read more...] about Don’t Make Assumptions About Medicare
Elder law attorneys help individuals and their families address challenges that can confront senior citizens. Alzheimer’s disease can have a major impact in this regard, and we will share some eye-opening facts about the disease in this post. A Leading Cause of Death People are well aware that Alzheimer’s causes cognitive impairment, but a lot of people are not aware of its deadly nature. According to the Alzheimer’s Association, one in three seniors will die with Alzheimer’s or dementia … [Read more...] about Face Alzheimer’s Threat With Clear Eyes
Estate planning attorneys always emphasize the fact that there is no one-size-fits-all estate plan that is right for everyone. There are different ways that assets can be transferred so you should explore your options and make fully informed decisions. That being said, there is a basic structure that applies to everyone, and we will look at the five documents everyone must have in this post. Asset Transfer Vehicle The first necessity is an assets transfer vehicle. A will is one possibility, … [Read more...] about These Five Documents Should Be Part of Your Estate Plan
When you hear the term “elder law attorney,” on the surface, it can be a head scratcher. Why would elders need a special type of lawyer? This is a good question, but there are some issues seniors face that have legal ramifications, and we will look at five of them in this post. Update Your Estate Plan Your existing estate plan will be based on the way that your life was at the time it was created. Over the years, many things can change, and your existing plan may not reflect the current … [Read more...] about Five Reasons to Consult With an Elder Law Attorney