Since so many people procrastinate when it comes to estate planning, when they do take action, they often look for “simple solutions.” They may use a do-it-yourself template or download that they got off the Internet to draw up a last will, and they feel as though they have satisfied their responsibilities to their loved ones. Of course, there is nothing stopping you from taking this approach, but it can be shortsighted. First of all, a last will is not always the best asset transfer vehicle … [Read more...] about Don’t Make a Nursing Home Your Sole Heir
The human condition is not static, and everyone understands this within certain limits that are easy to embrace. For example, you know that you are going to have new responsibilities when you transition out of childhood into adolescence and young adulthood. That being said, once you are settled into a particular identity as a self-supporting grown-up, you can fall into the sense that things will be more or less the same going forward. Yes, you are invariably going to have career goals and other … [Read more...] about Develop a Holistic Plan for Aging
When Ashland KY elder law attorneys assist clients who are preparing for the costs of aging, they look in particular at potential long term care costs. If you have not done any research into the subject, you may be quite shocked to hear just how expensive this care has become in the United States. Genworth's Cost of Care Survey summarizes the long term care costs in America. If you had spent a single day in a private room in a nursing home in the United States in 2018, the national median … [Read more...] about Latest Long Term Care Costs Are In
When you have been fully capable throughout your life, the concept of long-term care can seem alien to you. This may be especially true if you have taken good care of your health throughout your life. You could assume that it is unlikely that you ever need long-term care, but cannot overlook the costs of long-term care should you ever need it. Here, our Charlotte Medicaid lawyers will explain Medicaid countable assets. Longevity plays a factor in the need for early planning First of all, we … [Read more...] about What is Considered a Countable Asset for Medicaid?
When you have been fully capable throughout your life, the concept of long-term care can seem alien to you. This may be especially true if you have taken good care of your health. You may assume that it is unlikely that you will ever need long-term care, but you cannot overlook the costs of long-term care, should you ever need it. With careful planning, you can position your assets to allow you to qualify for Medicaid, while protecting some of the financial legacy you spent your lifetime … [Read more...] about Include Asset Protection in Your Medicaid Plan
When you are young, the concept of long-term care can seem alien to you. This may be especially true if you have taken good care of your health throughout your life. You may feel that it is unlikely you would ever need long-term care. Statistically, you should not overlook the costs of long-term care, and have a plan to pay for that care, should you ever need it. Here, our elder law lawyers will discuss asset protection issues. Longevity plays a factor in the need for early planning First of … [Read more...] about Elder Law Lawyers Share Options for Asset Protection
Most people are aware of the fact that they should plan ahead for their active retirement years. However, many of them do not think about the period of time that will follow. Elder law attorneys focus on the legal issues that seniors face. Most of these issues typically arise during these twilight years. If you want to be comprehensively prepared for the future, you should certainly consult with an elder law attorney. Let's look at some of the questions that you may want to ask. How Will I … [Read more...] about What Questions Should I Ask an Elder Law Attorney?
It is up to you to keep an eye on your aging parents to see if they need living assistance. Though some parents are forthcoming in telling their children that they need help, some are too proud to do so. And people who are suffering from dementia may not even recognize that they need help making decisions. This can be a sensitive topic to discuss, but it is a subject that must be addressed all the same. The majority of senior citizens will need assistance at some juncture, and that assistance … [Read more...] about As Parents Age Assistance May Be Needed
When you think about how senior citizens who need living assistance get the care that they require, nursing homes may come to mind. But it is important to understand that nursing homes are very expensive. It is not uncommon for people to spend multiple years receiving care toward the end of their lives. Given the current state of nursing home costs this could result in hundreds of thousands of dollars in expenses. Medicare is not going to pay for long-term care. Medicaid can fill the gap in … [Read more...] about Assisted Living: Consider All Options
Many Americans will rely on Medicaid to pay for long-term care as senior citizens. According to the United States Department of Health and Human Services you have a four in 10 chance of needing nursing home care eventually once you reach the age of 65. 10% of people who require such care are going to need it for at least five years. The average annual charge for a private room in a nursing home in 2012 was over $90,000, so this expense could be devastating if you had to pay … [Read more...] about Elder Law Alert: Increased Medicaid Limits in Place for 2013