Older individuals are more likely to need long-term care at some point in their life. Recent studies estimate that 6 out of 10 people will need long-term care due to disability, health complications, and other reasons. The need for long-term care among the elderly can arise unexpectedly because older people are more susceptible to illnesses, heart attack, stroke, and other chronic health complications. While long-term care can help people live comfortably and safely when they are incapable of living on their own, long-term care is costly. It’s arguably the most expensive healthcare cost today. That’s why you should develop a solid plan to ensure your desires are honored should you become incapacitated and require long term care. A comprehensive plan will also help to protect your assets, no matter what the future holds. If you’re considering long-term planning or Medicaid planning, you must work with a knowledgeable and experienced elder law attorney in Michigan. A knowledgeable elder law attorney is well-equipped with the strategies that can protect a client’s assets or income, and provide accurate advice about the Medicaid system. At Leydorf Law Firm, PLLC, we can help you plan for the medical and financial challenges that come with growing older. We’ve built a solid reputation on providing clients with sound legal advice and protecting their assets when the unthinkable happens.
If you were to ask older people what their most pressing concerns are, you would probably get similar answers: maintaining good health and having enough resources to cater for their everyday needs. While some would be concerned about receiving the best long-term care when they’re no longer able to perform daily activities, it would certainly not be among the top concerns. Most people tend to overlook the importance of having a Medicaid plan or long-term care plan when they are young, healthy, and financially stable. Losing good health and independence is one of the most disastrous life events for nearly everyone, not just for older people. That’s why we encourage you to plan ahead of time to ensure you receive the maximum quality of care without your entire life savings getting gobbled up by long-term care expenses. If you don’t have a comprehensive Medicaid plan or long-term plan, the need for assisted living or nursing-home care can result in the greatest crisis in your senior years. Besides, failing to plan will always have adverse effects on your immediate family in terms of the financial burden that comes with long-term care. It’s time you throw out those excuses for not planning and work with a Michigan elder law attorney to guide you through the process.
Long-term care is one of those topics most people don’t want to discuss. After all, very few people want to imagine themselves or their loved ones being unable to perform daily activities on their own. Today, we are living longer thanks to advanced medical technology and healthier lifestyles. With life expectancy in the U.S. currently at 78.87, you shouldn’t be surprised by the fast-growing population segment of persons older than age 80. The older you are, the more likely you’ll need assisted living or nursing home care. The risk of the onset of dementia and Alzheimer’s is higher among older persons. You’ll also note that obesity, which commonly contributes to poor health and disability among the elderly, is on the rise in the U.S. Statistics also show that over 50% of persons older than age 80 are receiving some form of long-term care. These trends and demographics generally point to one thing: there is an urgent need for the current generation to plan for long-term care to avoid the burden that comes with a lack of planning. The cost of long-term care in the U.S. is an all-time high, and it is anticipated that it will continue to increase. Currently, the cost of long-term care ranges from $4,000 to $12,000 per month. The amount could be higher depending on where you live and the kind of assisted living you require. It’s nearly impossible for the average American household to sustain the cost of nursing home care. Therefore, it’s easy to see why there’s is an elder-care crisis in the country. Nothing could be more devastating for an older person like their lifetime savings being gobbled up by long-term care expenses. These costs are so high that they’ll consume all the assets you may intend to pass down to your loved ones as an inheritance.
The good news is that you can avert the crisis that comes with the need for long-term care. With a comprehensive plan, you’ll be able to cover the expenses of your care at home and receive the best quality of care. Proper planning will ensure your wishes are going to be honored so that you can have peace of mind. At Leydorf Law Firm, PLLC, we can assist you with Medicaid applications and asset protection planning. Medicaid planning can be challenging due to the complicated rules and regulations that surround Medicaid eligibility. You don’t want to take chances by handling Medicaid planning by yourself. Call us at Leydorf Law Firm, PLLC, and our attorneys will help through all the stages. Our experienced elder law and Medicaid planning attorneys will advise you on the best strategies to use in creating trusts and asset-protection planning that will help you to cover these expenses without spending down all your savings. Elder law issues can be complicated. A small mistake could mean the difference between peace of mind and disastrous results should you become incapacitated. Our elder law attorneys at Leydorf Law Firm, PLLC will help you create a solid plan that will protect your assets and ensure your long-term care expenses are covered.