Growing Old Is Not Easy
We happened to be kicking tires at a local car dealership one day. When we told the salesman that Peggy is an elder law attorney, he shared the story of a customer of his. She was taking care of her mother and needed a car for transportation. However, she’d spent all of her money on mom’s care. Fortunately, the salesman was able to get her into a reliable vehicle, but we knew she didn’t have to go broke caring for her mother.
Too often, people become financially devastated by the cost of long term nursing care. Not only have we seen daughters who have spent all of their savings on care for mom, there have been wives who, when they see the bill from the nursing home for their husbands, are close to nervous breakdowns. And we’ve had people or their families call us in a panic because they have run out of money and the facility where they are staying has asked them to move out. That doesn’t have to be.
There are basically three ways to pay the costs of long term care: pay with private funds (yours or someone else’s); buy long term care insurance; or take advantage of government benefits such as Medicaid or VA benefits.
Most people, even though they’ve played by the rules all their lives, don’t have the savings needed for long term care. In my parent’s case, for instance, a month of long term care cost more than they paid for their first house.There is simply no way to plan for that.
Long term care insurance can be expensive, and many plans cover far less than these plans used to.
So that leaves government benefits. People may be eligible for Medicaid and VA benefits and not know it. The rules for eligibility are complicated, and can be risky. An elder law attorney knows the ins and outs of the process, often better than the government offices, and can also structure an estate for the best possible outcome for clients.
As with most things, it’s best to start planning early. An elder law attorney can create an estate plan that looks to the future and allows for long term care, while at the same time preserve your assets. Knowing that there’s a champion on your side takes away the worry and gives you much needed peace of mind.
