Elder Law and Law Term Care Planning
The Importance of Long-Term Care Planning
With people living longer than ever, the need for long-term care is increasing. This can range from receiving in-home assistance to full-time nursing home care. However, the costs can be staggering—home care expenses can exceed $10,000 per month, while nursing home costs may surpass $20,000 per month. Without proper planning, many families find their savings depleted within just a few years. At The Palermo Firm, we help you prepare for these challenges so that you and your loved ones can receive the necessary care without exhausting your hard-earned assets.
Our Elder Law Services
Medicaid Planning
Medicaid planning involves strategically arranging your assets to qualify for Medicaid benefits, covering the costs of nursing home care, home care, or assisted living. By planning ahead, we can help you access these benefits without the need to spend down your assets. Early action is critical, but even if you have not planned in advance, we can explore options to protect your wealth and secure the care you need.
Asset Protection
Protecting your assets from the high costs of long-term care is crucial for preserving your financial legacy. Our asset protection strategies include transferring assets to an irrevocable trust and safeguarding your wealth from being used to pay for healthcare expenses. This type of planning must be completed well before care is needed, as most assets must be transferred at least five years before applying for Medicaid. Early planning is essential, but it’s never too late to start protecting what matters most.
Advanced Directives
Advance directives ensure that your medical and financial wishes are honored if you cannot decide for yourself. These legal documents include:
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Power of Attorney: You can designate someone to make financial decisions on your behalf.
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Health Care Proxy: Appoint an agent to make healthcare decisions per your preferences.
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Living Will: Specifies the type of medical treatment you wish to receive under specific circumstances.
Creating these documents gives you peace of mind, knowing your wishes will be respected and your loved ones will be guided by your decisions.
Protecting Your Family Home
For many families, the home is the most significant asset. Rising healthcare costs can put this valuable property at risk. We can help you explore various options, such as life estates, irrevocable trusts, or outright transfers, to protect your home while meeting other estate planning objectives. Each option has unique benefits and implications, and we will work with you to determine the best solution for your situation.
Contact The Palermo Firm
Navigating elder law and long-term care planning can be overwhelming, but you don’t have to do it alone. Contact The Palermo Firm today at 516-262-4040 to schedule a free consultation and discuss your specific needs. We have offices conveniently located in Plainview and Commack, and our team is here to help you protect your assets, plan for future care, and preserve your family’s legacy.