Late-life care can be expensive, but it doesn’t have to strain your finances or put your family in debt. A long-term care plan helps you or your loved one be prepared for the costs of a nursing home or private care.
While some seniors are able to afford private pay care, the cost of long-term care will wipe out the savings of all but the wealthiest families in a matter of a few years. Help from an experienced long-term care planning attorney will secure your finances, enabling you to provide for yourself and your heirs. Book a consultation today to get started.
Long-Term Care Planning in Lexington, KY
Ensure your long-term care wishes are legally documented and your estate plan is effectively structured to minimize taxes and preserve assets for future generations. Whether you are proactively planning or facing an immediate need, our long-term care planning services offer essential support and peace of mind in navigating the legal complexities of aging and healthcare.
Do I Really Need a Long-Term Care Plan?
Waiting to plan for senior care services until the time when you actually need support is never going to be the smartest or most beneficial course of action. Nursing home care is exorbitantly expensive, and failing to plan appropriately can leave your family with fewer options and significant medical bills in the event of an emergency.
If you are age 65 and single, the odds are about 60% that you will need long-term care at some point. For married couples, the odds are about 75% that one spouse or the other will need such care. The average stay runs about two and a half years. A year in a nursing home is estimated to cost an average of over $90,000 for a private room. Avoid financial strain for your family members—start setting up a long-term care plan today by calling the Elder Law Lawyers team to request your consultation.
Your Long-Term Care FAQs
A long-term care plan benefits you, your spouse, and your family—no matter your current age or health conditions.
You do not have to wait until there is an emergency to plan for one. We understand that it is difficult to consider elder law issues, such as potential disability and the need for nursing care in the future, which is why we strive to take the stress out of making difficult decisions. Through effective planning and preparation, you can face the future knowing you have security and support in case of a contingency.
Long-term care planning is a smart step for every individual, regardless of his or her individual health or assets. Contact Elder Law Lawyers today to book a consultation session and learn more.
Don’t rely on Medicare as a financial resource for long-term care. Medicare only pays for acute nursing home care, not chronic care. Think of acute care as rehabilitation after hip surgery. You will be going home to care for your own daily needs. Think of long-term or chronic care as needing help with daily living activities like bathing, eating, dressing, continence, or toileting, not to mention dementia such as Alzheimer’s.
Elder Law Lawyers strives to protect the well-being of all our clients. We offer services that can help all families make plans for their future care without sacrificing their assets or lifestyle.
As long-term care planning attorneys, we do the following:
- Counsel about long-term care options
- Prepare powers of attorney and other advance directives
- Work with financial and insurance professionals to integrate long-term care insurance into an appropriate estate plan
- Draft caregiver agreements
- Establish eligibility for Medicaid
- Draft Medicaid trusts
- Assist with trust funding and asset transfers
- File Medicaid applications and advise on Medicaid-funded health-care programs
- Represent individuals in fair hearings and Medicaid-eligibility proceedings
- Establish guardianships for adults who lack capacity
- Counsel trustees of irrevocable Medicaid trusts on distribution and review annual accountings to determine the effect on Medicaid eligibility
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Reach Out to Our Team
It is important to consult with a long-term care planning attorney who has the experience and knowledge to evaluate your needs as you age. They will prepare you for life’s realities and all of the legal issues that may come your way. Our attorneys and staff at Elder Law Lawyers can meet with you and answer the questions that you may have or did not know you needed to ask.
Decisions associated with chronic health care are not easy ones to make. Our trusted attorneys offer long-term care solutions as your loved one ages. In close collaboration with our clients and their families, we reduce stress and allow families to proceed on a firm legal footing. Book your consultation today to get started.