They say that death and taxes are the only certainties, but in the field of elder law there seems to be another one emerging. It's looking like an annual rise in the cost of long-term care is as certain as death and taxes. Each year the MetLife Mature Market Institute does a good job of gathering statistics to let us know the state of affairs. They have just released their 2012 long-term care market survey and we would like to share some of the results. The national average for a single … [Read more...] about Long-Term Care Costs: 2012 Figures Indicate Continued Upward Trending
When you are considering taking certain steps as a senior citizen or as a representative of a senior citizen you may want to discuss the details with a good elder law attorney. If you act alone you may have regrets later on. Any time you are entering into a contractual agreement as a layperson you would do well to engage the services of an experienced attorney unless you are absolutely certain that you understand every sentence in the agreement. Given the nature of legally binding agreements … [Read more...] about Engage Elder Law Attorney Before Signing Contracts
People sometimes make inaccurate assumptions about various estate planning instruments. With this in mind we would like to take a look at a couple of misconceptions that are harbored by some individuals about revocable living trusts. The perception is that you are divesting yourself of personal ownership of the resources that you place into the trust. This can lead some people to believe that assets that have been placed into the trust are not subject to attachment by creditors or … [Read more...] about Living Trusts, Asset Protection, & Medicaid Eligibility
Many people approach elder law attorneys asking questions about Medicaid planning. Until you are faced with the need for long-term care either for yourself or for a family member you may not understand the lay of the land. This care is simply too expensive for most people to handle out-of-pocket without exhausting all of their financial resources. And, Medicare will not pay for an extended stay in an assisted living community or a nursing home. Medicaid is a joint federal/state program that … [Read more...] about Can a Homeowner Qualify for Medicaid?
There was a court case decided in the state of Kentucky recently that is very relevant to the field of elder law, and it provides a heads up with regard to long-term care insurance. You may not be aware of the fact that most people who reach the age of 65 are going to need living assistance eventually. Some people can stay at home and receive in-home care, but many seniors ultimately reside full-time in nursing homes or assisted living communities. Residence in one of these facilities is … [Read more...] about Be Aware When Purchasing Long-Term Care Insurance
When you are budgeting for retirement you must be realistic about your anticipated debits and credits. This is going to take some research into the realm of elder law, and along these lines you would do well to gain an understanding of long-term care costs. A lot of people don't concern themselves with the possibility of incurring these expenses for two reasons. One of them is the notion that Medicare will take care of everything if they do in fact need to reside in a nursing home or assisted … [Read more...] about Retirement Budgeting: Don’t Underestimate This Expense
Elder law attorneys will always advise their clients to consider the possibility of the need for living assistance at some point in time because most seniors will indeed require help with their day-to-day needs eventually. There are some good reasons to choose in-home care if you require living assistance. For one thing, you may simply enjoy the familiar surroundings. When you reach an advanced age you may have lost people close to you and this can make the connection that you have with your … [Read more...] about Are Home Health Aides Properly Screened?
The costs associated with long-term care are very much a concern within the elder law community. The annual charge for a private room in a nursing home in New Jersey last year exceeded $100,000, so we are talking about significant expenses that can play havoc with your legacy. Most people who are fortunate enough to reach their middle 60s are going to need help with their day-to-day needs eventually so this is something that impacts everyone. Tapping into any benefit programs that you may be … [Read more...] about Look-Back Proposed for Veterans Living Assistance Benefit
Due the incredible medical advances that have taken place over the last few decades life spans are steadily going up. This is great news of course, but there are some challenges that can present themselves when you reach an advanced age. One of these is Alzheimer's disease, and it strikes about four out of every ten people who are at least 85 years of age. This is a disease that is doing a great deal of harm as the 6th most common killer that we have, but there is no treatment, cure, or even … [Read more...] about Alzheimer’s: Physical Diagnosis May Be Possible
There are certain benefits that are going to be very important to most people who are planning for retirement. Social Security and Medicare will usually be at the top of that list, and these programs will provide at least a basic safety net if you have paid into them sufficiently. However, one thing to keep in mind is the fact that Medicare does not cover everything. There are out-of-pocket costs for routine medical services that you have to budget for in advance. And, Medicare does not pay for … [Read more...] about Benefit Entitlement Can Require Delicate Balance