Elder law is a highly focused area of law designed to protect the rights and interests of older individuals. It includes all legal issues pertaining to elders and their families, including matters related to:
In addition to having all your estate planning documents in order, you may be concerned about protecting assets in the event that you need long-term care. A legitimate concern considering the incredible cost of care in Connecticut. Did you know that the average annual cost of a nursing facility exceeds $139,000?!
So how can you protect your assets from going to the nursing home or from being used entirely for your care?
If both your finances and health are in good shape, you may be a good candidate for a long term care policy. We can help you determine if a long-term care insurance policy would be advantageous and we can help to design a policy that ensures you pay the a fair premium and get the home and community-based services you need.
#2: Plan to protect your spouse
For a married couple, special planning is required to ensure that the "well spouse" does not become financially impoverished in the event that you need long-term care. This is both true in the pre-planning stage as well as the crisis-planning stage.
#3: Identify conditions that could help you protect your assets without impacting Medicaid eligibility
By planning ahead you can put together an asset protection plan for yourself and your family. Distinctive circumstances could include:
- a minor or disabled child who warrants support
- a caretaker child,
- protection of the home for a sibling who has an equity interest in the home
#4: Plan before crisis hits
When you plan ahead, there may be more opportunities to protect assets and have your wishes carried out in the event of a medical crisis or need for long term care. Planning in advance helps to minimize the financial devastation that can result from no planning.
But if you’re in a crisis, call us and we’ll work with you to craft a plan to minimize potential financial damage and help you to navigate your options.
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