Nursing home care typically costs $15,000 - $20,000 per month in the NYC metropolitan area. Single people without adequate long-term care insurance to cover these costs who have less than $1,000,000 in assets ($2,000,000 for married couples) could wind up having to spend their entire life savings on long term care unless they take steps to preserve as much as possible. This must to be done exactly right so that your family does not have to pay tens or hundreds of thousands of dollars in completely avoidable taxes and nursing home bills.
The best way to avoid these costs is to plan well in advance of future long-term care needs. Advance planning can make clients immediately eligible for government benefits under the federal Medicaid program to pay for nursing home care.
In our Elder Law practice we design customized asset-preservation plans for each client depending on physical and mental condition, marital status, ability to remain at home vs. requiring nursing-home care and financial resources and income. Our advance plans typically use trust agreements and wills to make clients eligible for Medicaid nursing-home benefits when they need long-term care down the road.
We also help clients who need immediate long-term care and who did not plan ahead preserve between 40% - 80% of their assets and obtain Medicaid benefits to pay for nursing home costs. We typically can help preserve nearly 100% of the assets and income of clients who need health aides at home.
We work closely with other elder law attorneys who specialize in special needs trusts for handicapped or disabled relatives and court-appointed guardianships for spouses and parents who need them.
Please contact Timothy C. O’Rourke* for a free initial Elder Law asset-preservation consultation.