Are you age 65 or older, do you care about someone who is, or do you anticipate becoming 65 or older yourself? If yes, then you are in good company. According to the U.S. Census Bureau, Americans 65 and older are the fastest growing demographic group and, right behind them, 79 million baby boomers are moving into retirement age themselves.
With advances in age come advances in health problems. Along with health challenges, there are special legal challenges that need addressing. The body of law addressing these challenges is commonly known as "Elder Law."
Elder Law can be defined as the holistic application of general legal principles to the specific emotional, logistical and financial needs of mature Americans. Many of these Americans are concerned with two fundamental threats to their dignity: (1) becoming incapacitated, and thereby losing control to the court system over their personal, health, and financial decisions; and (2) running out of money due to the catastrophic costs of long-term care. Fortunately, these threats may be minimized, or even avoided, through properly coordinated legal and financial planning.
If you mess up your taxes, it could cost you $10,000. If you fail to plan for probate, it could cost you $10,000. But, if you fail to plan for a nursing home, it could cost you $10,000 per month!
Long term stays in nursing homes are almost NEVER covered by health insurance or Medicare. We can help you by putting your most valuable assets (usually your house) in a nursing home protection trust so that your children get your house without sharing with the nursing home or the state.
Any transfer of assets for less than fair market value (i.e., a gift) may subject you to a lengthy period of nursing home ineligibility. Additionally, your assets could then become subject to the creditors of your children and their spouses. The only way to protect your house and also protect your children's inheritance is by setting up an asset protection trust.
The sooner you start, the more assets you can protect. Call us at 614-876-7888 today!