As you are going through life, you are dealing with day-to-day concerns as a working person. This is well and good, and because of the fact that people are generally focused in the moment, future considerations are often put on the back burner.
Though this is understandable, time is passing, and your senior years are getting closer and closer. There are certain eventualities that you may face during the latter portion of your life, and elder law attorneys focus on the legal ramifications.
You may not be aware of the fact that long-term care costs can be a very big factor during the latter portion of your life. Most senior citizens are going to need help with their activities of daily living at some point in time according to the government, and long-term care is very expensive.
The median cost for a year in a private room in a California nursing home exceeds $104,000 according to a survey that has been conducted by Genworth Financial. The average length of stay is over two years, so the expenses can be devastating.
Medi-Cal is the solution for a significant percentage of seniors who require long-term care. This is a need-based health insurance program that does pay for custodial care.
Elder law attorneys help people who want to devise Medi-Cal strategies, because you have to work within program rules to qualify while you keep assets in your family. This will typically involve gift giving, but you have to act in a measured and informed manner, because there is a look-back period. This is in place to prevent people from giving gifts in a reactive manner after they find out that they need long-term care
You may have to complete your gift giving at least 30 months before you submit your application if you want to obtain eligibility in a timely fashion. However, experienced elder law attorneys can often assist with effective strategies that are not subject to the 30 month look back rule.
American Academy of Estate Planning Attorneys
Now that we have set the stage, we can take a look at the American Academy of Estate Planning Attorneys. This organization has been around for over 20 years, and the Academy educates elder law and estate planning attorneys.
If you want to work with an elder law attorney who is affiliated with a highly respected professional body, you may want to engage the services of a member of the Academy.
As Academy members, we can answer your questions if you live in the greater Sacramento area. Simply call our office for an appointment.
Latest posts by Timothy P. Murphy (see all)
- How Does a Veteran Qualify for Aid and Attendance? - June 14, 2019
- What Is a Reverse Mortgage? - June 12, 2019
- Tips for Choosing Fiduciary Roles in Your Estate Plan - June 10, 2019