Elder law is a rapidly growing and highly specialized area of the law that deals with the legal, financial, physical and emotional challenges that accompany growing older. In particular, elder law addresses the problem of how to pay for expensive long-term care. We don’t mean to alarm you, but consider the following statistics:
- Approximately 70% of people over age 65 will need long-term care at some point in their lives
- In Georgia, the median annual cost for a semi-private room in a nursing home is $66,795 while a private room costs $71,175. In many situations, the cost can be considerably higher
- Two out of three families exhaust their life savings within a year or two of a family member entering a nursing home
At Bennett Watson Trust, Estate & Elder Law, LLC, we can help you plan in advance for the possibility of needing long-term care. We can also help you cope with what is known as a Medicaid crisis situation.
Long-term Care Planning
Long-term care planning, also known as pre-planning, is for people who are healthy now but want to prepare for the very real possibility that they will need expensive long-term care in the future. We can work closely with you to design a plan capable of protecting your life savings if you or your spouse eventually require assisted living or long-term care. This plan can allow you to receive the care you need while at the same time protecting your hard-earned assets for the benefit of your well-spouse, loved ones and legacy.
Perhaps you have heard that you can can simply give away assets to loved ones shortly before entering a nursing home in an effort to qualify for assistance from Medicaid. Not so! The penalties for doing this are severe, including the potential loss of Medicaid assistance to pay for nursing home care for years. Contact us today to discuss your long-term care planning options.
While gifting is certainly possible, it must be done in precisely the right way and with a plan in place. If you are contemplating giving assets away to loved ones, contact us for advice on how to do so without jeopardizing your access to Medicaid assistance o subjecting your property to additional creditors.
Coping with a Medicaid Crisis
Medicaid is now the single largest provider of financial assistance for nursing home residents in the United States. When a person must enter a nursing home in the very near future, or has already been placed in a nursing, the need for Medicaid assistance often leads to what is known as a Medicaid crisis situation. When you consider the high cost of nursing home care, the need for assistance from Medicaid is indeed a financial crisis for most families.
If you or someone you love is facing a Medicaid crisis, you must understand that the information about Medicaid eligibility provided by friends, family and other well-meaning people is quite often incorrect. The laws governing Medicaid eligibility are complicated and seem to change from one year to the next. We understand these laws. We can determine if you are eligible for assistance and help you obtain it as quickly as possible. Remember: You are not alone during this difficult time. Contact us as soon as possible for assistance and to discuss your particular situation.