With the population of the United States consisting of more and more older adults, it’s important for them as well as their family members to think of what the future may hold regarding long-term care. However, many people put off this topic until the last minute, and that can lead to unfortunate results. In many cases, the elderly individual’s wishes may not be carried out to their satisfaction, and they may not have the financial arrangements in place that allow them to have the proper care they require later in life. To keep these situations from happening, many families now seek out the services of attorneys who specialize in elder law. If you or a family member are in need of these services, contacting a New York City elder law attorney may be necessary.
Reasons to Hire an Elder Law Attorney
To ensure all goes well later in life, there are several important reasons to retain the services of an elder law attorney. For example, if you are concerned about your current long-term care plan, or have yet to construct a plan, an elder law attorney can advise you on the various options. In addition to this, an attorney can also help lay out a plan to make sure your wishes are carried out if you become disabled or incapacitated later on, and helps you decide who will be in charge of your care if you are unable to care for yourself.
Long-Term Care Costs
Along with putting off planning ahead for long-term care, many people have little if any idea how much long-term care can cost. Unfortunately, it can be quite expensive. For example, living in a nursing home in New York can cost as much as $14,000 per month, while assisted-living facilities can cost up to $5,000 per month. If a person has not planned ahead for these costs, they will need to be paid out of a person’s savings, which for many families is simply not possible. Because of these potential scenarios, it’s imperative to work with a New York City elder law attorney to have a solid financial plan in place well ahead of these circumstances.
Pooled Income Trust
For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits.
Protecting Assets from Nursing Home Bills
When a person has to move into a nursing home, they are required to divest themselves of their assets in order to pay for their care. However, by placing their assets into an Irrevocable Trust, the assets can be protected from high nursing home bills. However, it’s important to remember that this type of transfer must be done at least five years before a person goes into a nursing home.
While thinking about the difficulties one may face as they age is difficult, failing to do so can lead to financial problems that can devastate an entire family. Rather than allow this to happen, it’s best to contact a New York City Elder Law attorney as early as possible to make arrangements that will be satisfactory to everyone involved. By doing so, a family can gain peace of mind, knowing their financial and long-term care needs will be met.