Thanks to healthier lifestyles and enhanced medical technology, life expectancies in the U.S. are at an all-time high.
But this also means more seniors will require some form of long-term care. Whether in-home assistance or a long-term nursing home stay, it is becoming inevitable that most of us will require such care at some point in our lives.
The challenge is that long-term care is growing more expensive every day.
In fact, some studies estimate that nearly two-thirds of families will run out of money within the first year or two of moving into a nursing home. Unfortunately, most private health insurance plans and Medicare do not cover long-term care costs – which can average $4,000 to $12,000+ per month in the U.S. depending on where you live and what level of care you require.
Whether for yourself or your aging parents, at The Law Offices of Stephanie Hon, we can help you plan for the financial, medical, and legal challenges that come with growing older.
We are here to help you develop a comprehensive plan to ensure your wishes and preferences are honored in the future, and to protect you and your assets if you become incapacitated and require assisted living or nursing home care.
With such exorbitant costs of long-term care, it is no wonder we are facing a looming elder-care crisis in this country. Indeed, it is heartbreaking for seniors to see their entire life savings (and the inheritance they worked so hard to leave their family) get gobbled up by long-term care expenses.
Fortunately, with the proper planning in place, you can rest assured that you and your loved ones will have the proper safeguards in place to keep you at home as long as you desire, cover the expenses of your care and receive the maximum quality of care when it is needed.
We can also help you qualify for Medicaid and other benefits to help cover these ongoing expenses.
Indeed, utilizing trusts and other asset-protection strategies you and your loved ones may be able to take advantage of government benefits without “spending down” all of your assets or losing everything you own. We can help you design a comprehensive plan that allows you to live out your golden years without worry or financial hardship.
Elder law involves a number of issues that are intertwined with traditional estate planning. For example, it is essential to have your durable power of attorney, last will, living trusts, and advanced directives reviewed at least every three years.
Your plan must include certain special provisions that – if not included – will create unnecessary obstacles for your family and your estate planning attorney.
Navigating the complex elder law landscape can be a daunting task. Having an experienced lawyer who is familiar with the process of long-term care planning is invaluable for ensuring not only the security and care of your loved ones, but also your peace of mind.