The costs of long-term care today are astronomical. One recent study found that, on average, one year in a nursing home costs more than $100,000. Even after years of disciplined saving, nursing home bills or in-home care costs can quickly diminish the assets you worked so hard to build up. There may be a better option.
In fact, through the use of appropriate Trusts and other Estate Planning tools, you may be able to keep your nest egg while still qualifying for important government assistance, such as Medicaid and Veterans’ Benefits. At The Siegel Law Group, P.A., we help people navigate through this complicated area of law to protect their health care and their assets.
There are certain legal strategies that can help families protect their hard earned estate. A complete elder law plan will combine asset protection planning as well as Medicaid planning and combine it into one overarching estate plan.
Your attorney should be an expert across all planning disciplines to create a complete plan that’s able to become more robust as the senior ages. Your asset protection plan should be tailored specifically to your situation.
It’s becoming even more essential now to make sure your Florida medical directive is up to date. The document ensures you are able to designate the person that can make medical decisions for you if you’re incapacitated. Equally as important is to have an updated power of attorney in Florida.
Without either of these documents an incapacitated person receives a court appointed legal guardian which can be costly. A knowlegable elder law attorney is able to create a plan that gives you a voice over your medical well being.
Be proactive now, you want to avoid having the court systems figure out who should make medical decisions for you on your behalf. Instead designate a family member or trusted 3rd party to make medical or even business decisions for you.
As an experienced elder law attorney in the above areas, the Siegel Law Group would like to answer your questions and alleviate concerns.
Elder Law attorney Barry D. Siegel watched a family member suffer because she was unaware of the tools available for Long-Term Care Planning. Today, he strives to ensure each of his clients is financially prepared for the road ahead. Call us by clicking below and schedule a free consultation.
A major part of long-term care planning is qualifying for government benefits. Even if you live modestly, however, qualifying can be difficult because the sum of your assets must fall at or below a certain — often very low — threshold.
Failing to plan for long-term care causes many people to spend down their assets until they meet the requirements for government benefits. However, through advanced planning under the guidance of an experienced attorney, it may be possible to reorganize your assets in a way that helps you meet the criteria to qualify for benefits. Lawyer Barry D. Siegel has almost 20 years of experience helping people with:
Medicaid Planning: Having too much property now does not prohibit you from qualifying for Medicaid in the future. We can help you avoid the spend-down method through comprehensive planning.
Veterans’ Aid and Attendance Benefits Planning: Many veterans of the U.S. military are eligible for Long-Term Care Benefits but do not know it. We know the laws and can help you meet several of the necessary requirements to obtain the financial assistance you deserve.
“Great experience: I would highly recommend Barry and his firm to anyone. Its comforting to know that my family affairs are being handled properly and professionally.”
To discuss your Elder Law matter in a no-cost initial consultation, please call us today or contact us online.