With our aging “baby boomers,” of which I am one, this is an area of the law which focuses on helping people plan for the possibility of having to have long term care, usually in a skilled nursing facility. Specifically it’s about designing legal strategies in dealing with the very high cost of this care, $11,000 or more per month, should you wish to be able to provide for a loved one upon your death without having to spend your entire life savings on these services. Planning well ahead of time is the best strategy of course but I can also help design a strategy to be able to provide for a loved one should you or your spouse suddenly need long term care. I can help you preserve approximately 1/2 of your estate with crisis planning.
Proper Planning requires understanding the following:
Long Term Care Insurance
- Coverage amounts, elimination periods and duration
- New York Partnership Insurance Policies
Medicaid Planning
- Resource Exemption of $14,850
- Income Allowance of $50 per mouth
- Spousal allowances – Resources up to $119,220 and Monthly Income of $2,980.50
Transfer Rules
- Permitted Transfers
- Look-Back Period – up to 5 years prior to Medicaid qualification
- Penalty Period – one month for every $11,145 gifted
Living Trusts
- Allows you control over how your estate is handled , now, and after your death
- Avoid probate
- Protect children from a previous marriage
- Protect assets in case of nursing home care or a Medicaid application.
- Avoids guardianship proceedings in the event of incapacitation
- Can protect assets from creditors
