People often hope to provide for themselves in later life by building up their savings and making smart investments throughout their working years. However, this is only part of what it takes to remain financially stable after retirement—and all of those assets may be lost in a matter of months due to the high cost of nursing home care. With so much to lose, the cost of hiring an experienced elder law attorney can save the average person thousands of dollars in the long run.
An Elder Law Attorney May Save You Money and Heartache in the Future
Elder law deals with the specific problems and concerns of older adults. It focuses on the care needs of senior citizens while protecting everything they have worked hard to build.
For a relatively small fee, our elder law legal team can protect your:
- Health. Elder law attorneys are committed to providing for all of your future concerns, including securing Medicare and Social Security to pay for doctor visits, hospital care, prescriptions, and other healthcare costs. They can also create a long-term care plan, designate a health care power of attorney, draft a living will or other advance directives, and devise ways to manage assisted living costs.
- Home. Medicare may pay for a lot of healthcare costs, but it does not cover nursing home stays or in-home care for the elderly. While another government program called Medicaid can pay for a nursing home, a senior citizen must qualify for benefits by having a small number of personal assets. We can help maintain eligibility while allowing the primary residence to stay in the family, removing the need to sell the home to pay for nursing home care.
- Property. The value of your property, vehicles, second homes, and other holdings can count against you when calculating Medicaid eligibility. Unfortunately, simply giving these items away creates other problems, including violating the Medicaid look-back period and entrusting valuables to the wrong beneficiaries. We can ensure that all of your property is accounted for in your will, determine the right form of ownership for homes (such as jointly-owned deeds or transferring the property to a trust), and even oversee probate proceedings after your passing.
- Wealth. It is understandable that you would want to retain as much of your family wealth as possible to pass down to your beneficiaries upon your passing. A trust can protect your life savings, investments, and other assets without compromising your ability to collect Medicaid benefits. We also examine your financial representation as you age, including designating a durable financial power of attorney, addressing potential tax concerns, choosing trustees and beneficiaries, and other financial planning matters.
- Spouse. When only one spouse needs to enter a nursing home, providing for the needs of the spouse who remains at home is an important consideration. We can help you structure your finances to include options such as a Medicaid-friendly annuity that preserves funds for the well spouse while allowing the spouse in need of care to gain access to vital long-term care benefits.
- Comfort. We stay with you every step of the way—answering your questions, handling sensitive topics with compassion, and finding the best solution for a variety of challenging situations. A visit with an elder care attorney can ensure that you fully enjoy your retirement without worrying about your financial future.
At Landskind & Ricaforte Law Group, P.C., we have helped hundreds of families throughout New York City plan for futures that included ill health, disability, dementia, and other sensitive issues. If you have questions about your future, fill out our quick contact form or call us to learn how we can help.