No one hopes to end up in a nursing home, but it happens to the best of us. When your loved one reaches a point where her physical or mental abilities prevent her from being safe in her own home, a long-term care facility may be the next step. This can be a difficult and confusing time. How will your loved one pay the overwhelming cost? What will happen to the assets she had hoped to leave to her family?
While you may feel alone in this process, you don’t have to be. With guidance from the Elder Law team at Legacy Lawyers, you will find the right placement and create a plan to help pay for it—without touching your loved one’s assets and property.
Why You Need an Elder Law Plan
You may have written a will or created an estate plan when your children were young to name guardians and set up trusts for their care if you were to die unexpectedly, but an elder law plan addresses different issues. As you get older, you need to start thinking about how you and your spouse will be taken care of if you become unable to care for yourselves. An elder law plan with Legacy Lawyers will help you:
- Stay financially independent. Without a solid plan in place, being financially independent in the face of disabling medical issues will be a challenge. When we sit down to create an elder law plan for you, we will map out how you can cover the cost of necessary care so that you can make your own decisions about your day-to-day life. Our elder law plan will prevent you from having to deplete your life savings, file for bankruptcy, or sell your assets. You don’t have to go broke in a nursing home!
- Protect your assets. With the right kinds of trusts set up in advance, the nursing home will not be able to touch your personal assets or claim them after you are gone. However, even in situations where you do not have a plan in place, and you or your spouse needs a nursing home immediately, elder law attorney John J. Peck can take steps to protect your assets.
- Handle a devastating diagnosis. It’s not easy to think about the things that can go wrong as you age. Along with disabling physical conditions, you or your spouse may face a diagnosis of Alzheimer’s or dementia. These conditions will eventually render you incapable of making decisions for yourself. We will help you with a financial plan as well as a quality-of-life plan so that you can stay independent for as long as possible.
- Designate people to make decisions on your behalf. An elder law plan includes important documents for naming various powers of attorney so that decisions can be made quickly if you are unable to make your wishes known.
When you meet with us in our Wilmington office, we will discuss all of your options and help you craft a comprehensive elder law plan to put your mind at ease.
Paying for a Nursing Home While Protecting Your Assets
If you’ve done any research into paying for a nursing home, you may have read about the possibility of qualifying for Medicaid. To get these benefits to pay for a nursing home, your income and assets have to be below a certain level. In most cases, the government will look back over your financial records for the previous five years to see if you have put money into trusts or given it away in order to lower your assets to qualify for Medicaid. If they find that you have, you may lose eligibility for these important benefits. However, proper planning with Legacy Lawyers can eliminate the five-year look period. This means that even if you are in the midst of a crisis and are in need of immediate nursing home care, we can help you protect your assets and pay for the care you need.
Let Us Be Your Trusted Elder Law Advisors
John J. Peck, Attorney & Counsellor at Law, has practiced law in North Carolina for nearly 40 years. His creative and personal approach to elder law is unmatched across the state. We provide free 15-minute consultations to discuss your goals. Fill out our contact form or give us a call at (910) 452-3577. From our office in Wilmington, we help families across the state of North Carolina, and we are ready to work for you!