Long-term planning is something everyone should do in their lifetime. Though we may avoid thinking about the potential need for long-term care, it is always best to be prepared for getting older or becoming ill. Please continue reading and contact a knowledgeable elder law attorney to learn more about long-term care planning and how our firm can help.
How Does an Elder Law Attorney Facilitate Long-Term Care Planning?
Long-term care planning involves preparing for the possibility of needing extended care due to age, illness, or disability. An elder law attorney simplifies this complex process through various means, such as:
- Tailored Financial Planning: Elder law attorneys assess personal assets, income, and potential benefits to create a comprehensive financial plan for long-term care. This may involve restructuring assets to preserve wealth while ensuring eligibility for public benefits like Medicaid.
- Medicaid Planning and Applications: These legal professionals possess in-depth knowledge of New York State’s Medicaid program, including the complex rules regarding asset limits and transfers. They can help structure your finances to meet eligibility requirements, navigate the application process, and appeal denied claims.
- Long-Term Care Insurance: They can offer guidance in reviewing your long-term care insurance policies and help you understand the benefits of your policies including the coverage it provides, and how it fits into your overall care planning strategy.
- Advance Directives: Drafting living wills and designating health care proxies are essential aspects of care planning that elder law attorneys handle. These documents ensure that your healthcare wishes are respected when you unable to communicate your decisions.
- Estate Planning: Estate planning documents include, but are not limited to, drafting wills, power of attorney and advanced directives and can include drafting trust agreements, whether revocable or irrevocable.
- Trusts: Beyond immediate care concerns, elder law attorneys help in planning for the eventual transfer of your assets. This includes setting up irrevocable trusts to protect your wealth, so your trustee is in control of the trust assets. The type of planning allows you to determine the amount of assets available to pay for your care.
- Care Coordination and Advocacy: Elder law attorneys often work with a network of social workers, care coordinators, and other professionals. They can help you connect with local services, such as home healthcare agencies or assisted living facilities, and advocate on your behalf to ensure you receive the care and services you need.
- Guardianship Proceedings: In situations where an individual cannot make decisions for themselves and has not previously executed a power of attorney with proper powers, an elder law attorney can assist in the guardianship process. This legal proceeding requests the court to appoint a guardian (the petitioner) to handle your financial and health care needs.
If you have further questions or would like to speak with a competent elder law attorney, please do not hesitate to contact Lacy Katzen LLP today.
