Parenting Your Parents
Today I’m going to speak about a topic called Elder Law and a particular topic called Parenting your Parents. Many of us between the ages of 40 and 60 find ourselves in the sandwich generation- meaning we’re taking care of children and, also helping in some way or form to take care of our parents as well. One of the things that we can do to help our parents is to assist them with Elder Law Planning. That can involve helping them find long term care insurance policies or can involve legal work for Elder Law Planning.
Elder Law Planning involves the preparing for long term care, meaning care at home or care in a nursing home. That care gets expensive and can be paid for in only one of three ways.
- The first is out of pocket- that gets very expensive, anywhere between $3000 and $7500 a month for care at home. Care at a nursing home here on Long Island costs about fifteen thousand dollars a month.
- The other way to pay is with long term care insurance if you’ve had the forethought to purchase that coverage.
- And the last way is to have Medicaid pay- if you can show that you don’t have assets in your name sufficient to pay for your care.
We use a variety of methods including Title transfers, Wills and Trusts to enable you to prepare your parents, or yourselves for Elder Law long term care matters. We can consult with you regarding your assets, your plans and combine that with other professional information you have from your accountant, from caregivers and so on. So when it comes to Elder Law and Parenting your Parents think of us, Leonick Law- just a call away at 631-486-9500.
James F. Leonick
Leonick Law, P.L.L.C.
TEL: (631) 486-9500