Ask the Expert: LawyerLisa talks Elder Law - January 5, 2023
Ask the Expert: LawyerLisa talks Elder Law
In this month’s Ask the Expert, Attorney, Lisa Hostetler Brown, founder of LawyerLisa, and certified specialist in elder law, shares insights to help us and our loved ones navigate the elder law and long-term care maze.
Concern: I’m worried my parents might not be able to afford to pay for the care they need. What should I do?
Expert Advice: It’s important to understand that there are a variety of options when planning for long term care costs. The biggest factor, aside from how much money they actually have, is how far in advance you plan. Families who create a long-term care plan well in advance of when they need it generally have the most options and save the most money. In the alternative, those who engage in crisis planning have way fewer options available to them and generally are not able to keep the extra resources that the planners do. As a general rule of thumb, a meeting with an elder law attorney is best scheduled at least 5 years before skilled care becomes necessary. This means scheduling a check-up before your parents need assistance with their finances or living situation, before hospitalizations, and before any cognitive impairment interferes in their day-to-day activities. A comprehensive long term care plan will incorporate their specific assets, income, debts, physical and mental condition, and family dynamics to best plan for achieving their long-term care goals. Many families do not have the financial resources to pay the increasing cost of in-home caregivers or facility costs and could greatly benefit from a Medicaid spend-down plan. Medicaid planning is a very complex area of the law that if done correctly can result in saving hundreds of thousands of dollars while allowing the government to pay for the cost of skilled long-term care should it become necessary.
Remember, each situation is unique. You will need to utilize the plan that is best for you and your family. But one thing is true for everyone, having a plan in place before you need it can make a world of difference.
To submit your Elder Law Concern to Ask the Expert, please email your Concern to Melissa@LawyerLisa.com. All Concerns are subject to re-writing by the Expert and all Expert Advice is general in nature. For legal advice regarding your situation and to have your specific questions answered, please contact LawyerLisa, LLC at info@LawyerLisa.com to schedule a consultation. For additional information, please visit https://www.LawyerLisa.com/lcp Lisa Hostetler Brown is a Certified Elder Law Attorney, certified by the National Elder Law Foundation, ABA accredited.
