With nursing home costs in North Carolina exceeding $75,000 per year, perhaps you worry about how to pay for long-term care costs in retirement. You’d like for your “rainy day fund” to last longer but you’re not sure how. There are limited ways of getting assistance with paying for in-home or assisted living care. Neither Go…
When your Mom or Dad’s health is declining and they need more help, what should you be doing when you live in another state? This is a question that arises many times, in our society where your children are more likely to live in another state, as just down the road. Perhaps the first thought is that Go…
When you’re looking for an elder law attorney, you will see very few that have achieved the status of certified elder law attorney (CELA). But what does that certification mean? What does it say about the person who is a CELA, and why does it matter? When you see the CELA designation, you can rest Go…
If you’re the parent or grandparent of a child with special needs, the planning you do could make a tremendous difference to help your child or grandchild. You’ll also be helping your other children with having resources and tools to best help their sibling. Generally a special needs trust will be used to provide this Go…
If you’re healthy, that’s the best time to plan to preserve your assets, make life easier for your family, and avoid becoming impoverished due to devastating health care costs in retirement. Getting your “ducks in a row” could be one of the best things you do for your spouse, for your children..and for yourself.
Your elder law estate planning goes beyond having a traditional will, living trust and routine powers of attorney. Too often people plan their estate to answer the question of… “What if I die?” After over 20 years of experience, I’ve learned though that the question that really keeps people up at night, gives them some acid reflux and makes it hard to go back to sleep is the question of… “What if I don’t die? What if I live a long life then become ill and need care? How will I get that care, and will I run out of money and become impoverished? ”
Here are some suggestions for your elder law estate planning.
Planning for incapacity
What if you (or your spouse) is healthy one day and has a stroke the next? Or you have an accident or some other disabling injury or disease that leaves you alive but mentally incapacitated. Or perhaps you don’t face a sudden event, but Alzheimer’s, or Parkinson’s or some other disabling disease robs you or or your spouse of the ability to make decisions? That’s where having the right powers of attorney can make the difference between being able to navigate through the health care and financial matters while preserving family harmony, or having a mess. You’ll want to have powers of attorney for both health care and financial matters. Make sure that you get the right power of attorney; these are not just forms and you need to talk with an experienced elder law attorney who can make certain someone (your spouse, child or other trusted agent) can act for you if you can’t act yourself.
Planning for inheritance
This answers the question of what happens if you die. It really deals with how property transfers from one person to another after death. There are two types of inheritance plans: will-based and trust-based. Which is right for you? It depends. Don’t listen to a lawyer who insists that everyone needs a living trust; not everyone does. A trust-based plan can speed administration and avoid court costs, and keep a person’s affairs more confidential. You’ll find lots of information on this site to help you have a conversation with your elder and estate planning attorney about which type of plan would be right for you.
Planning for health care
Planning for health care is often a combination of legal and financial strategies. There are particular types of irrevocable trusts that can speed eligibility for government assistance such as Veterans Aid and Attendance, and nursing home Medicaid. Financial strategies will depend more upon being healthy enough to obtain insurance contracts that will leverage a portion of your investments or IRA, to pay for health care costs of they arise but leave a tidy inheritance to your family if you never need long-term care. You can discuss these options with your lawyer as well, to quarterback this strategy.
We have constructed our Plan and Protect Resource Center to help you through these questions, and to come up with the best plan while you’re healthy and not dealing with a health care crisis.