Long Term Needs
Elder Law Attorneys in Boca Raton
As you grow older, you may need assistance with activities of daily living or round-the-clock medical care. Unfortunately, the costs of living in a nursing home or assisted care facility or of hiring home-care aids are astronomical. Plan for this eventuality in advance so that you know you have the means to acquire the quality care you need.
Walser Law Firm has been assisting Florida seniors with life and estate planning for more than 30 years. Our lawyers help you plan for your future health and life needs. Even a short stay in a nursing home can quickly deplete your life’s savings. You can avoid this devastating loss by planning ahead. Having a plan can bring you peace-of-mind that you have the resources to support the living arrangements of your choice without placing a financial strain on your family.
Tools for Long-Term Planning
Our attorneys discuss various tools that may be helpful in your long-term plan. Depending on your individual circumstances, you may be able to pay for your care through:
- Health insurance: Your health insurance policy may cover some of the services provided by a facility or home nursing visits. Review the terms of your health insurance policy carefully. A little extra cost of premiums may be worth the additional coverage.
- Long-term care insurance policy: While you are still young and healthy, consider purchasing a long-term care insurance policy that covers nursing home, assisted living or home health care services. Our lawyers can advise you on what provisions to look for in a comprehensive long-term care insurance plan.
- Medicare: This government insurance program pays for skilled nursing care in a licensed facility. Unfortunately, coverage caps out after a certain number of days and requires you to pay out of pocket should you require longer-term nursing home care.
- Medicaid: You may qualify for Medicaid if your financial resources and income are below the statutory threshold. Walser Law Firm considers how your long-term financial planning can affect your access to this important government benefit.
- Trusts: To preserve your financial security and eligibility for Medicaid, you can transfer your assets to a trust. The property owned by the trust does not count against your income and resources when determining Medicaid eligibility. You can therefore keep the fruits of a lifetime of hard work.
- Special needs trust: A special needs trust pays for items and services that are not food and housing without jeopardizing eligibility for Medicaid. If you plan to leave a gift to a spouse, child or other relative with a disability, our attorneys create a special needs trust and advise you about the parameters for the use of the funds.
Our Boca Raton Elder Law Attorneys Can Help You Plan for Your Future
Walser Law Firm gives you the information and tools you need to effectively plan for nursing home, assisted living and in-home nursing care you may need in the future. Call us at 561.750.1040 or email our team to schedule a consultation at our Boca Raton main office or our Palm Beach Gardens office location.