A stay in a nursing facility can be extremely expensive. Nearly half of all Americans at some point may be required to stay for an extended period of time in a nursing facility. To ensure you will have the necessary funding for such care, while still being able to provide for your heirs, it is best that you plan ahead.
The U.S. Census Bureau projects that by 2035, for the first time in American history, there will be more adults age 65 and older than children. By 2060, nearly a quarter of Americans will be age 65 and older, while the number of people age 85 and older will triple.
Prepare before a crisis arises. Advance planning affords individuals the luxury of knowing their desired legal status will be put in place ahead of time through documents such as advance medical directives and powers of attorney for financial and legal matters. Documents can be drafted in such a way that they do not go into effect until a person becomes incapacitated, if so desired.
We can assist. With the help of our experienced legal counsel here at Cornerstone Estate Planners, we can advise you on the best steps to take regarding estate planning, long-term care insurance, and other options to service any elder care needs you may have. In many instances, Medicaid will be the primary source of funding for medical and assisted living expenses for many seniors. There are income and asset limits for Medicaid eligibility. However, certain assets are not counted toward the limit, such as your primary residence and the car you drive in most circumstances. Many people elect to spend down their assets to qualify for Medicaid, but you do not have to with proper planning in place. We can advise you of the best way to protect your assets for your heirs while maintaining eligibility for Medicaid and other benefits.