Our Long-Term Care Planning Attorneys Can Help Find a Solution
It is never too soon to begin thinking about long-term care planning for you, your spouse, or especially for your aging parents. There are many avenues to consider that can provide peace of mind, and an elder law and estate planning attorney can help you find the ones that work for you. Many families think that if they have an estate plan, they have a long term care plan. Nothing could be further from the truth! Download your free guide to Long Term planning to educate your family and begin the conversations about elder law and long term care strategies with the elder law attorneys at Frame and Frame.
The Time to Start Long-Term Care Planning is Now
According to the AARP, more than 50% of senior Americans will need some type of long term care. If you haven’t yet thought seriously about the possible need for long-term care, now is the time to start. You already know that the costs associated with long-term care are considerable, to say the least, but you may not know that there are different options available to help you afford the care needed without becoming a burden to your children or depleting the savings you have worked a lifetime to accumulate. Our Maryland long-term care planning attorneys can help you figure out the right solutions for your particular needs.
Hold on to Your Money with Capital Preservation Strategies
For many people, adequate long-term health care, including assisted living or skilled nursing care, is simply not affordable without government assistance. Although Medicare does not cover long term care, Medicaid does. Estate planning is far different than Long Term or Medicaid Planning. Frame & Frame can help you qualify for Medicaid assistance without exhausting your assets before you become Medicaid-eligible.
It is important to have the assistance of knowledgeable, experienced, Maryland elder law attorneys for this process, as not all strategies for spending down your resources will help you qualify for Medicaid. For instance, transferring the title to your home or other assets to another family member could be subject to Medicaid’s five-year “look back” period. Not only could such a transfer not help your situation, but it could be detrimental and cause you to incur penalties as well. Instead, our long-term care planning attorneys will explore options with you, such as trusts or annuities, that are appropriate and allowable methods to protect and transfer wealth without affecting Medicaid eligibility.
Consider Long-Term Care Insurance by the Age of 55
Long term care insurance can be an excellent tool as part of your overall strategy. The younger and healthier you are when you purchase insurance, the more affordable your premiums will be. Your payout may also grow over time, so the sooner you decide to make the purchase, the better. However, long-term care insurance is not for everybody. There are many factors that go into the decision of whether to purchase long-term care insurance, and if so, how much to buy. As part of the overall estate planning we prepare with you, we will make sure you understand long-term care insurance and the role it may play in your long-term care planning.