Estate planning at its core is all about preparing assets for distribution to your loved ones after you pass away. But when you are contemplating your legacy, you have to consider what may happen while you are still alive. With this in mind you should be apprised of all of your options. You never know what the future holds, and though you may have a reasonable expectation that you will have sufficient liquidity, it is possible that circumstances outside your control could throw a fly in the … [Read more...] about Elders Can Turn To HECM For Liquidity
Long Term Care: Medicaid Can Help
There are those who fall into the trap of believing that Medicare will take care of all their medical needs once they become eligible. The fact is that there are out-of-pocket expenses that recipients must take care of, including deductibles and premiums. These can add up considerably depending on your medical condition. Plus, Medicare does not cover expenses incurred for long-term care, and this is something to take very seriously when you're making plans for the future. A 2010 MetLife study … [Read more...] about Long Term Care: Medicaid Can Help
Elder Law Concern: Long-Term Care Costs
If you want to be comprehensively prepared for the future you must be aware of all of the expenses that you may face as you reach an advanced age. It is important not to keep your head in the sand and simply hope for the best because when you are older you're going to be less capable of responding to challenges than you are earlier on in your life. When you recognize what the future may hold and start making plans in advance you can move forward with confidence knowing that you are in a position … [Read more...] about Elder Law Concern: Long-Term Care Costs
Give Yourself a Break from Your Caregiver Long Term Care Duties
If you provide long term care as a caregiver on a regular basis, you know how demanding your job duties can be. While you’re helping your loved one with his or her daily care needs, it undoubtedly takes a toll on your body and your stress level. It’s important to give yourself the breaks that you deserve so you’re able to function and provide much-needed care. Here are some helpful tips: Ask for assistance. If you have other friends and family members who are able to help out with your … [Read more...] about Give Yourself a Break from Your Caregiver Long Term Care Duties
Long Term Care: Caregiver Agreements
It’s becoming more and more popular for family members and friends to assist their loved ones with long term care needs. This can be a great way to keep a loved one in the home while also allowing her to live a more comfortable life. If you’re thinking about becoming a caregiver to your loved one, you may want to consider the use of a caregiver agreement. Caregiver agreements allow you and your loved one to create a care plan. Take a look at the information below, to better understand how a … [Read more...] about Long Term Care: Caregiver Agreements
Will I Lose Everything to the Nursing Home?
We often have elderly clients and their adult children come into our office with the fear, “Will I lose everything to the nursing home? Fortunately, there are often options to alleviate this fear and protect assets. Ryan and his elderly father, John, age 71, come into the office for a Medicaid/nursing home consultation. John is still living independently but is concerned about his future. He doesn’t want to be a burden on Ryan and his sisters and he doesn’t want to spend any more of his … [Read more...] about Will I Lose Everything to the Nursing Home?
Incapacity Planning: What Happens If I Can’t Make My Own Financial Decisions?
Estate planning involves incapacity planning so if you can’t make your own financial decisions in the future, a loved one or professional will step in and take over that responsibility. Incapacity planning will allow you to be properly prepared in case of an emergency. You never know when you may become incapacitated through a car accident, illness, or reaction to medication. Take the time to create a proper plan so that your financial affairs are always handled by someone you trust, even if … [Read more...] about Incapacity Planning: What Happens If I Can’t Make My Own Financial Decisions?
Long Term Care FAQ
As our loved ones continue to age, there are often long term care needs that must be addressed. If you have a loved one who is in need of extra care assistance, you may want to make sure that you understand all of your options. Take a look at some of the information below to help guide you through the process. If you have additional questions, or if you need assistance choosing a long term care facility, meet with an estate planning or elder law attorney. What is long term care and what are … [Read more...] about Long Term Care FAQ
Kentucky’s Search for Medicaid Savings
Medicaid is a government benefit program that provides medical assistance to the poor and elderly, including paying the costs of nursing home care for many Kentucky residents. The state is now seeking proposals from companies to provide managed care for many Medicaid recipients in an effort to reduce the cost of Medicaid, which is the state government's second biggest expense after education. This new strategy reportedly will not affect Medicaid for nursing home residents, except to the extent … [Read more...] about Kentucky’s Search for Medicaid Savings
When Should An Elderly Loved One Stop Driving?
It can be hard to know when an elderly loved one is creating sufficient safety concerns to insist he or she stop driving. If you feel that your loved one should no longer be driving, the chances are your suspicions are correct. It is important to monitor your elderly loved one’s driving skills to make sure that he or she is safe on the road. Taking away your loved one’s keys can save his life and the lives of others. Does your elderly loved one display the following warning signs? Does he … [Read more...] about When Should An Elderly Loved One Stop Driving?
