Elder Care
While there are many people who have a narrow focus when it comes to working with elders, we believe that a holistic approach is much more realistic. Becoming an elder didn’t happen in a vacuum and there may be challenges in a variety of areas. Every aspect of our practice, from consumer protection to estate planning, veteran’s services and our community education efforts applies to those who have lived long full lives and those who are at the beginning of their journey. Additional areas we believe need attention when planning for seniors and elders include the following:
Long term Care OptionsWhen creating your estate plan it is important to consider your options for long term care. Unfortunately, long term care is more expensive than most people realize and the costs may vary significantly depending upon the extent of care needed. Specialty care for illnesses such as Alzheimer’s and dementia is especially expensive and may be cost prohibitive for many families.
Long term care insurance is available and may provide adequate coverage. Generally, the coverage is less expensive when purchased at a younger age, although traditionally, younger people don’t see a need for long term care insurance. According to the US government nearly 70% of people turning age 65 will need long-term care at some point in their lives
Medicaid planning may be the most realistic option for you to consider when incorporating the need for long term care into your estate plan. Medicaid is a combination federal and state program with very specific and somewhat complex requirements. When you know that your financial resources will not allow you to provide for extended nursing home care for you or a family member, it is always better to discuss your situation with a professional who can help you determine the best approach for you family. Feel free to contact us to assist you.