The possibility of needing long-term care is a reality that many retired people face as they age. If you don’t think you and your family can afford the costs associated with long-term care, you should prepare to qualify for Medicaid as quickly as possible. However, this kind of advanced planning is often overlooked, and the results could be disastrous depending on your financial situation. Here is what you should know about making a plan for long-term care.
Unexpected costs can disrupt your plans.
The ongoing cost of long-term care is an important concern for people approaching retirement age. If you have spent your working life saving up for retirement and hope to access pension funds and government benefits, it can be an unwelcome shock to learn about the increasingly expensive costs of long term-care.
For those who are planning for retirement, getting advice from an experienced estate planning attorney is necessary. A probate lawyer with plenty of background working in the area of elder law can offer helpful information about advanced Medicaid planning tools and help prepare you for the future.
Some seniors face bankruptcy.
Each year, seniors are forced to file for bankruptcy, and the rising cost of long-term care is one of the main causes. The rate at which elders have filed for bankruptcy has more than doubled since the early ‘90s, and the percentage of senior citizens involved in bankruptcy proceedings has nearly quintupled overall.
According to data from the Consumer Bankruptcy Project, seniors are grappling with mounting healthcare costs and inadequate income to support them in retirement and ensure that they have access to long-term care in the event that they need it.
Unfortunately, even one healthcare event as an individual or as a spouse could be detrimental to the family finances and can drain funds that have been carefully saved for retirement. Scheduling a consultation with a knowledgeable New York probate lawyer today can help you plan for future medical costs. You need someone who can help you make important decisions that will affect your advanced long-term care planning.
What steps should you take?
Fewer people are able to rely on retirement benefits across the country, and without access to reliable sources of income in their retirement years it becomes necessary to make contingency plans. There are estate planning options available to help ease the financial burden of healthcare for seniors. Many elders turn to Medicaid to help with expenses and plan appropriately with the help of a knowledgeable estate planning lawyer to ensure that they qualify.
Placing assets in trust is one way to ensure that you will qualify for Medicaid benefits, but because of the specific requirements involved, it is best to seek the advice of a lawyer who specializes in estate planning. Available benefits vary by state, so an attorney who is an expert on New York probate law is the best choice to help. Contact the law offices of Queens probate lawyer Richard Cary Spivack today, and plan with confidence.