Elder Law | While a will is the main foundation of your long-term care planning, there are now several additional legal pieces involved in a through elder care plan for the second half of life. Aside from the will, there are things like living trusts, Medicaid planning, and asset protection planning.
It’s important to make the proper preparations so your loved ones are prepared and ready for whatever legal or financial challenges they face. The first step in this process is to speak with a qualified elder law attorney who can
Assisted living or skilled nursing facilities can cost anywhere from $3,000 to $15,000 a month. With these high prices, it’s important to understand the best way to financially prepare. A couple of options are to self-insure, which is a great strategy for medium or large estates. You can also get traditional long-term care insurance for those that are healthy and can afford higher premiums. And then there’s Medicaid, where the advice and guidance of an elder law attorney can be beneficial.
It’s important to begin developing a plan before the health of a loved one begins to decline. If you notice your health, or the health of your spouse declining, it’s important to ensure the proper documents and legal proceedings are in place. Otherwise, a competency evaluation may be required by the court.
The goal of long term care planning is more than just creating a will — it’s to educate you and your family, as well as put you at ease for the future. These are legal, financial and personal decisions that a trusted attorney should guide you through. Contact the Law Office of Michelangelo Mortellaro today for a consultation on your best interests and steps to take for long-term care planning.