How to Help an aging Loved One

We are an elder-law practice and work extensively with seniors and their families to structure plans that will protect and preserve assets while allowing the senior’s family to stay in control of all financial decisions. The largest threat many seniors face is the cost of long-term care, frequently being more than $9,000 per month. This can be devastating to families. The sad reality is that this expense can be minimized or even eliminated, and yet, too many families fail to take the steps to reduce their exposure. The planning we recommend allows the family to stay in charge of spending decisions and remain in control much longer than otherwise. When properly implemented, it may avoid the County or State appointing a Conservator or Guardian over the senior, it will minimize or eliminate the probate process at death and will allow the senior to qualify for earned government benefits much sooner than otherwise. The planning has no negative impact on the senior’s quality of life.

“Capping” a family’s exposure is central to this planning process. It is rarely too late to begin planning, so even if you have a loved one already in a skilled-care facility, you may still be able to protect their remaining life-savings from the high costs of care. Saving even a few months at $9,000 a month adds up!

While it is never too late the plan, the earlier you plan, the more options you have and the more resources you can protect. Certain trigger events are ideal times to investigate your planning options, including:

  • The loss of one spouse;
  • A major hospital stay;
  • Coming home from rehab;
  • Hiring a caregiver to come into your home to help you;
  • Deciding to move from home to independent or assisted-living;

It only costs a little to learn what your options might be, but the costs of not knowing can be thousands of dollars per month, with no end in sight. The costs of long-term care are not covered by Medicare or Tricare!

To learn your options, give us a call. Our consultations are free of charge.