Long term care attorneys at Nirenstein, Horowitz & Associates provide help in making plans in case you someday require long term care. You can get long term care in your own home or, if necessary, can move into a nursing home in order to get the care that you need. Both options are very expensive, [ ] The post When Would a Senior Need Long-Term Care? appeared first on Nirenstein, Horowitz & Associates P.C..
Glastonbury long term care attorneys can help you to make plans to get the care that you need in a way that makes sense for you and your loved ones. Many people who get older or who develop an illness or who suffer an injury will eventually require long term care. This type of care [ ] The post Can I Get Long-Term Care at Home? appeared first on Nirenstein, Horowitz & Associates P.C..
When you are planning for retirement, you probably envision the good times that await you. If you plan ahead diligently, you can go forward with the financial underpinning that you need to enjoy your retirement years to the fullest. These are the golden years, but the twilight years will follow. A very significant percentage of people ultimately require assistance with their activities of daily living. In fact, 70 percent of people who are reaching the age of 65 will someday need living assistance according to the United States Department of Health and Human Services. Medicare Limitations Your first thought may be that Medicare will pay for long-term care when and if you need it. You will qualify for Medicare when you reach the age of 65 if you have paid into the program sufficiently. That s the good news. Here s the bad news: Medicare will not pay for long-term care. The program will pay for up to 100 days of convalescent care, but it does not cover custodial care. Cost of Care It is
Long-term care is a matter that elder law attorneys frequently counsel clients about. There are people who are looking ahead toward their own future in a practical manner, and they want to be prepared. Of course, we also speak with adult children who are concerned about their parents. First, we should point out the fact that it is not a good idea to assume that most elders will be able to take care of their day-to-day needs on their own throughout their lives. If you want to get a feel for the long-term care situation, you should certainly visit the government website LongTermCare.gov. This site is maintained by the United States Department of Health and Human Services, and you can educate yourself if you take some time to explore this very useful website. According to the site, the majority of people who attain senior citizen status will someday need help with their activities of daily living. The figure that they have come up with is 70 percent, so it is likely that you will require
You may come across mention of the term probate avoidance if you are poking around looking for estate planning information. This can make you wonder if avoiding probate is really necessary. Let s look at the facts, and you can make the final decision. Court Involvement Probate is a legal process, and it takes place under the supervision of a court. There are certain types of asset transfers that would not be subject to the probate process, so assets can sometimes be transferred outside of probate even if there was no particular intention to avoid it. Property that is held in joint tenancy can be transferred outside of probate, and life insurance proceeds would not be subject to the probate process. If you have a bank or a brokerage account, you could add a beneficiary. This is called a payable on death or transfer on death account. Assets in this type of account could be transferred to the beneficiary after your passing outside of probate. The property that would be subject to the pro
The most pressing elder law issue of the current era is the matter of long-term care. People are living longer lives, and as you reach an advanced age, it becomes more and more likely that you will need living assistance eventually. Perhaps surprisingly, 70 percent of people who have attained senior citizen status will eventually need help with their day-to-day needs. You may assume that Medicare will pay for long-term care if you ever need it, but in reality, Medicare does not pay for custodial care. This is a serious matter, because long-term care is very expensive. Assisted Living Costs Genworth Financial has been researching the state of long-term care costs for the last few years, and the figures for 2015 have been released. Our firm is located in the state of Connecticut. According to the survey, in Connecticut, the median annual charge for a private room in a nursing home is a staggering $158,775 at the present time. A semi-private room is not going to provide much of a discoun
Long-term care costs are very high across the country, and they are particularly high in our home state of Connecticut. The average annual charge for a private room in a nursing home is well in excess of $100,000 in Connecticut at the present time. Medicare will not pay for long-term care, but Medicaid will assist with custodial care expenses. Because Medicaid is a program that is only available to people who can demonstrate financial need, people who retired with some resources are not going to qualify for coverage. There is an upper asset limit of $2000 for an individual in most states. However, we should point out the fact that many things that you own are not considered to be countable. Your home, up to $828,000 in equity in 2015, is not a countable asset for Medicaid purposes.You could also retain ownership of one vehicle, your wedding rings and heirloom jewelry, your household goods, and your personal effects. However, in spite of this, most of the elders who are residing in nur