Many of us are living longer and healthier lives than our parents or grandparents could ever have imagined. That’s the good news. Unfortunately, many of us will also require long-term care. Half of all women, and a fourth of all men, find themselves in a nursing home at some point in their lives. Given that long-term care averages anywhere from $5,000 to $10,000 per month, it is disturbing, but not entirely surprising, that two out of three families exhaust their life savings within a year of a loved one entering a nursing home.
Elder law is a legal term that encompasses a variety of techniques and strategies to help people protect their life savings in the event of incapacity and the need for expensive long-term care. This can be done in advance, through what is known logically enough as pre-planning or pro-active planning. Pro-active planning is preferable, of course, since it gives a family more asset protection options. But planning ahead is not always possible. The alternative is known as Medicaid crisis planning. Essentially, this involves helping someone who has already been admitted to a nursing home, or must enter one in the very near future, and been told they own too many assets to qualify for assistance from Medicaid.
At Golden Oak Elder Law, we help families with both pro-active planning and Medicaid crisis planning. Our goal is to help you remain independent for as long as possible, protect your assets from the already high and ever rising cost of long-term care, and ensure you get the care you need and deserve. There are some things that Medicare and Medicaid don’t pay for, so it’s important to keep some assets available for important things such as hearing aids and supplemental care. Contact us today to learn more about how we can help you.