More and more people are attaining senior citizen status because of the maturation of the baby boomers. This year, a clear picture is emerging about the major challenge that these people are facing. Long-term care is looming, it is widely misunderstood, and now is the time to get a grip on it. Aging Changes the Playing Field It is hard to imagine a time when you will not be able to handle your day-to-day needs. However, it is safe to say that people that are currently receiving living … [Read more...] about Five Long-Term Care Concerns That Have Emerged in 2022
nursing home asset protection
This Mistake Can Devastate Your Legacy
When you have been planning for retirement and it is coming into focus, you may have a pretty good idea of what you will be able to leave to your loved ones. You have anticipated your retirement budget, and you have considered contingencies, so you feel comfortable. Of course, there are those that have not planned exhaustively, but they expect to be able to pass along suitable legacies. Unfortunately, we have found that there is one expense that a lot of people overlook, and it can have a … [Read more...] about This Mistake Can Devastate Your Legacy
Nursing Home Costs Can Consume Your Legacy
As estate planning lawyers, we help people facilitate effective postmortem asset transfers, but there is another financial element. You have to preserve your wealth to protect your legacy, and there is a looming threat to it in the form of long-term care costs. Aging and Living Assistance It is easy to think that statistics do not apply to you personally, but many people that make up the statistics felt the same way. This definitely applies to living assistance when you are a senior … [Read more...] about Nursing Home Costs Can Consume Your Legacy
Why Would I Use an Irrevocable Trust?
There are many different legal devices that can be used when you are planning your estate. A lot of people do not understand this, and this leads them to the belief that they can simply use do-it-yourself downloads to create their own wills. In reality, your plan should be constructed to meet your specific needs. Each family is different, and the right way to transfer assets to one person may not be appropriate for the next. Plus, there are asset protection elements that can enter the picture … [Read more...] about Why Would I Use an Irrevocable Trust?
Genworth Survey: Hartford Long-Term Care Costs Increased in 2021
As elder law attorneys, we pay close attention to financial and legal matters that are specifically relevant to senior citizens. Long-term care costs are at the top of the list, because most seniors will eventually need help with their activities of daily living. Genworth Financial has been conducting surveys on an annual basis that provide detailed information about the state of elder care costs around the country. They have recently released their survey for 2021, and the results are not … [Read more...] about Genworth Survey: Hartford Long-Term Care Costs Increased in 2021
Address Potential Nursing Home Costs in 2022
You probably put a lot of thought into your financial future with your retirement in mind. This is as it should be, but many people that are diligent overlook an expense that can have a devastating impact on your legacy. An Inconvenient Truth About Medicare It’s natural to assume that Medicare will take care of most of your long-term care costs when you become eligible. Everyone knows that there are some out-of-pocket expenses, but they are usually going to be relatively modest. Plus, there … [Read more...] about Address Potential Nursing Home Costs in 2022
Advocacy Groups to Congress: Abolish the Medicaid Estate Recovery Mandate
Most seniors will need living assistance at some point, and a significant percentage of elders will require nursing home care. If you are going to qualify for Medicare when you are 65, you may not be concerned about long-term care costs when you reach an advanced age. Medicare must cover nursing home care, right? It is a form of medical assistance that is required by seniors, and Medicare was designed to meet the health care needs of older Americans. This is a logical assumption, but in … [Read more...] about Advocacy Groups to Congress: Abolish the Medicaid Estate Recovery Mandate
Important 2022 Medicare Facts and Figures
When a new year approaches, the parameters of the government benefit programs for senior citizens are adjusted for the following year. We have recently shared information about the Social Security cost of living increase, and we will look at Medicare in this post. Part A Deductibles and Coinsurance Hospitalizations are covered through Medicare Part A. There is no monthly premium if you are eligible for Medicare, but there is a deductible. It is going from $1484 to $1556 in 2022. Medicare … [Read more...] about Important 2022 Medicare Facts and Figures
Brace Yourself for Alzheimer’s When You Plan Your Estate
Elder law attorneys are forced to explain some unpleasant truths to their clients, and one of them involves cognitive impairment. Alzheimer’s disease is a widespread threat because it strikes just under 13 percent of all seniors, and there are 200,000 people under 65 with the disease. As you get older, the likelihood of contracting Alzheimer’s disease increases. It strikes 32 percent of the oldest old, which is a term that is used to describe individuals that are 85 years of age and … [Read more...] about Brace Yourself for Alzheimer’s When You Plan Your Estate
Why Is an Estate Plan Necessary?
The vast majority of American adults do not have estate plans in place, and some folks simply do not feel as though it is necessary. This is a mistake, and we will provide some food for thought in this post. Avoid Intestacy Some people that do not have plans intend to draw up a simple will at some point when they are senior citizens. Unfortunately, people pass away at all ages every day, and the condition of intestacy would exist if you die without a will or trust. Under these … [Read more...] about Why Is an Estate Plan Necessary?
