There comes a point in time for many New York residents when long-term elder care becomes a reality that needs to be faced. Many people, though, are understandably upset by the thought that, after a lifetime of careful investment and scrimping, they will see their hard-earned savings quickly depleted to pay for nursing home stays. Thankfully, options exists to help ensure that at least some of an individual's assets can be retained by a spouse or passed on to children; these financial planning strategies are sometimes referred to as Medicaid planning.
How an advance directive benefits New York loved ones
No one wants to think about falling ill or becoming incapacitated. Regrettably, this could mean that some families in New York are left to face difficult medical or financial decisions on their own because an incapacitated loved one previously failed to make his or her wishes known. Situations such as this can be circumvented by formal documentation known as an advance directive.
Medicaid planning can help protect New York seniors' assets
The average annual cost of a nursing home is $180,000. No matter how much they have saved, few New York families have the means to pay this price, especially if the stay is expected to last several years or more. At this point, many people believe they can turn to Medicare to cover the cost, but sadly this not true in cases where long-term or permanent residency is required. This is when Medicaid planning can be a (literal) lifesaver.
What does an advance health care directive protect?
Imagine a scenario where you are admitted into the hospital with a serious condition. You are unable to speak and are very confused, which makes it all but impossible for you to tell doctors what you want or don't want to happen.
New York estate planning lawyer can help when mental skills fail
Growing older is an unavoidable part of life, and along with that often comes a decline in the ability to manage the financial aspects of life. In fact, experts say that by age 60, an individual's capability for processing new information begins to slow, and this is not even taking into account situations that involve medical conditions like dementia or Alzheimer's. While some people may remain capable of making their own financial decisions far into their senior years, others might start needing help early on; this is where a New York estate planning lawyer may be able to offer guidance.
When it time to look for a place for your parents
The moment it occurs, you will know it. That moment when you know your parent or parents may no longer be able to make it on their own. It involves the disorienting reversal of roles, where you, as an adult child realize that you may have to help your parents make a decision they may not want to make.
