Being frugal is an admirable quality, but forgoing legal assistance in an attempt to save money is a short-sighted strategy. In many cases, hiring an elder law attorney can actually help you save money.
How an Elder Law Attorney Can Help
Elder law is a holistic practice that takes into account the unique needs of aging seniors. Everyone’s situation is a little different, but an elder law attorney may be able to save you money by:
- Saving on long-term care expenses. Contrary to popular belief, Medicare does not cover the cost of a nursing home. Medicaid will pick up the tab, but only if you meet very specific income and asset requirements. An elder law attorney can help you become eligible for Medicaid without giving away or spending down assets unnecessarily. This is especially important if you are married and only one spouse needs long-term care.
- Allowing you to keep the family home. Often, accepting Medicaid benefits means giving the state the right to recoup its costs by selling your family home after you and your spouse have passed away. An elder law attorney can help you prevent this.
- Lowering your tax burden. An elder law attorney can help you minimize your current taxable income and lower the estate taxes your heirs will need to pay.
- Keeping your assets safe from creditors or lawsuit judgments. Don’t let debt or a lawsuit put your financial future in jeopardy. An elder law attorney can help you determine the best asset protection plan.
Get the Peace of Mind You Deserve
The biggest reason to hire an elder law attorney is one that you simply can’t put a price tag on—your peace of mind. When you know you are prepared for whatever the future may hold, you can relax and focus on enjoying every precious moment with your loved ones.
At Legacy Lawyers, we empower North Carolina seniors to take control of their finances and age on their own terms. Call our office in Wilmington or fill out the contact form on this page to schedule a free 15-minute consultation with our legal team.