Written by Christopher W. Dumm, The Law Office of Christopher W. Dumm
Elder law is the legal field dedicated to working out how families can affordably get their aging or ill loved ones the care they need. Elder law and estate planning work hand-in-hand as organizing one’s estate does not just mean preparing for death, but for the possibility of long-term illness, too. As the COVID-19 pandemic continues to ravage communities, there is no better time than now to ensure your assets are protected from costly fees.
Medicaid is often the best recourse for ensuring access to affordable long-term care. This means that even if we weren’t in the midst of a global health crisis, now would be the time to get organized. After all, even if you’ve spent your life dutifully paying taxes and contributing to your community, you only qualify for this government-assisted plan if you meet the government’s definition of “poor,” which is pretty stringent. Without advanced planning, middle-income folks unable to afford the exorbitant costs of nursing home care — something 52% of adults will need — must spend their savings down to poverty levels before the government will lend a hand.
Luckily, all of this is easily avoided with a little bit of foresight.
Read the full article here.
Reference:
The Law Office of Christopher W. Dumm
417.623.2062
estateplanning@protectingwealth.com
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