Not everyone can afford long term care insurance. That’s when it’s invaluable to have an elder law attorney that understands the income guidelines and the legal, ethical ways for senior citizens to “spend down” what they have in order to qualify for nursing home or other care.
Did you know that half of all Americans are estimated to spend at least a few years in a nursing facility? Let’s talk about what steps you can take now to begin preparations for this costly medical care.
The process of verifying a will and dividing assets can take many months and often involves costs that are deducted from the estate. If you create a trust, assets included in the trust will be automatically transferred when you die without the need to go through the probate process.
It’s important to remember that someone must be responsible for an elderly individual even if they haven’t put together a durable power of attorney. This is often when a judge will appoint someone to become their legal guardian.
There are several things to think about in terms of legal preparing for your golden years. This includes everything from estate planning to guardianship, real estate, Medicaid planning, housing transitions, and advance directives.
When you have considerable family assets, you may be unsure about how best to pass them on to other family members. We’re always here to advise you on the most efficient ways to do so.
