Elder Law planning is estate planning focused on long-term care needs. This involves assisting clients in planning for the possibility that they may need care at home by having aides or therapists, or a combination thereof, come to their house to assist them with their activities of daily living (ADL) such as getting dressed in the morning, showering, dressing, eating, doing laundry, going shopping, etc.
In addition, this type of planning involves accepting the possibility that you or your spouse may have to have care in a nursing facility. As much as we’d all prefer to stay in our memory-filled homes with a visiting nurse, sometimes our care becomes unmanageable at home. Having two or three different types of specialists such as occupational therapists, physical therapists, nurses for medication, etc. can become overly cumbersome and unmanageable. When that happens, it becomes much easier and cost-effective to manage our care in a nursing facility.
Most people are concerned that all of their assets will be exhausted by paying for their long-term care. In creating a plan, we discuss options including the use of long-term care insurance and various types of trusts. We will work with you to develop a plan that protects your assets so that your care, either at home or in a nursing facility, could be paid for through the use of long-term care insurance or Medicaid funding.
Once we develop a plan for you, we assist in implementing the plan by helping you transfer assets and re-title bank accounts and investment accounts.
Contact us today to get a free consultation.