New York Elder Law Attorney
As life expectancies increase, so do one’s chances of requiring skilled nursing care in the future. To serve the unique needs of the growing New York elderly population, a concentration in New York elder law has developed.
An experienced lawyer can help you implement a plan to protect your assets and prepare for any anticipated long-term care expenses.
A New York elder law attorney can assist you with:
- Long-term care planning
- Medicaid applications
- Advance directives
- Medicaid Asset Protection Trusts
- Preventing elder abuse
- Selection of a long-term care facility
Long-Term Care Insurance in New York
As the cost of long-term care continues to rise, it is important to know what options are available to finance the skilled care a person may need. The cost of nursing homes in New York can easily exceed $10,000 per month which can be an enormous financial burden.
Long-term care insurance (LTCI) may be a helpful resource to cover some care costs, however, some individuals may not be able to qualify for LTCI if they have certain health conditions.
If a person is able to purchase an LTCI policy, the terms of person’s policy could determine the amount and duration of their coverage. A skilled New York elder law attorney can educate individuals about the advantages and disadvantages of LTCI and how much insurance a person may need.
If a person is unable to qualify for long-term care insurance, they can finance the cost of nursing home care with Medicaid benefits or private pay. Medicaid benefits are available to in New York residents who cannot afford to pay for medical care. Medicaid benefits for nursing home care are available to persons over the age of 65 who are disabled or blind and who require nursing home care. There are also the strict asset and income guidelines that must be met in order to qualify.
The Medicaid application process can be time-consuming and requires the disclosure of extensive financial information. An attorney can reduce the stress involved in the application process by organizing information and communicating with Medicaid representatives.
Long-Term Care Planning
Similar to an estate plan, a long-term care plan includes documents like wills, trusts and advance directives, but it will also contemplate the potential need to qualify for Medicaid benefits in the future.
Whether a person is needed to qualify benefits immediately or would like to protect their assets from possible Medicaid costs, an attorney can tailor their long-term care plan to meet their needs.
A trust can protect a person’s assets in the event they become incapacitated by appointing a trustee to manage trust assets from them. Trusts such as Medicaid asset protection trusts can also potentially shield them assets from Medicaid costs or help them qualify for Medicaid benefits. These types of trusts are carefully scrutinized and should be drafted by a knowledgeable New York elder law attorney.
Guardianships for the Elderly
A guardianship may be necessary for elderly persons suffering from dementia who have not designated an agent or trustee to make medical or financial decisions on their behalf. A guardianship is also a safeguard to help protect elderly persons from abuse or financial exploitation.
It is always beneficial to have a plan in place before you are faced with an emergency. New York elder law attorneys understand the many challenges faced by the aging population in New York and can help you prepare for them.
If you would like to set up a consultation with a New York elder law attorney, please call today.