Much of the aging population has dedicated their adult life working hard to secure a life savings to provide them with a comfortable retirement and the knowledge that they will have assets to pass on to their heirs. Unfortunately, your health and wellbeing may interfere with this plan.
Entering your elder years means you may suffer from an illness or disease. Or you may reach an age where your mobility is limited. As such, it may be challenging to care for yourself. You may require long-term care, which can be extremely costly and could put you and your family in a financial situation.
Long-term care planning
If your loved ones are unable to take on the duty of caring for you in your elder years, this means a nursing home or in-home nursing care may be necessary. As such, long-term care planning is an important step to take because it could help safeguard your life savings and help you avoid paying thousands of months each month on the care you require.
At Pope Law Firm, PLLC, we understand the importance of protecting your life saving while also ensuring you or a loved one receive appropriate care in their elder years. Thus, our skilled attorneys use their years of experience to help our clients understand their options, helping them obtain optimal results.
Elder care law and protecting your rights
Because it is difficult to know what the future may hold, it is important to consider the need of in-home care, senior housing or nursing home care in your later years. There are specific estate planning strategies that could help safeguard and protect your assets if long-term care is necessary in the future. A spousal refusal and specific trusts could help protect your home, retirement income and assets through Medicaid.
Planning for long-term care is not always considered when creating an estate plan. Thus, some individuals are faced with this legal issue in real time. It is important to understand that you have legal options to navigate this matter. It is possible to create a payment strategy and utilize elder care laws to help safeguard all or most of your assets.
Long-term care planning can feel like an overwhelming task to navigate. This is understandable, which is why it is imperative that you explore your options further. A legal professional can give you an accurate picture of your situation and options, answering any questions or concerns that may come up.
