Elder Law Planning: Safeguarding Your Assets And Securing The Best Care
Stacy Francis is the President and CEO of Francis Financial & founder of Savvy Ladies™, empowering women to achieve financial independence.
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When my mother was diagnosed with breast cancer that had metastasized in her brain, she was only 63 years old. The last six months of her life required round-the-clock care, which cost thousands of dollars each month. My brother and I did everything we could to provide for her, banding together to cover the overwhelming expenses. But the financial burden was immense, and the stress of figuring out how to continue paying for her care weighed on us daily.
In the end, I felt I had no choice but to put my home on the market, potentially uprooting my children and the lives they knew, simply because we had no idea how we could sustain the mounting costs. It was a heartbreaking experience that could have been eased with proper elder law planning.
Why Is Elder Law Planning So Important?
As we age, medical expenses and long-term care can quickly deplete savings. Without the right strategy in place, families often find themselves struggling with high nursing home bills, navigating complex Medicaid qualifications and trying to protect their assets. In fact, according to the U.S. Department of Health and Human Services, 70% of individuals over 65 will need long-term care at some point, making proper planning a necessity to prevent future financial hardship.
Nursing home costs average over $8,600 per month for a semi-private room. Private room rates are in the range of almost $10,000 a month, and at-home care can skyrocket past $15,000 a month! With price tags like these, planning for Medicaid eligibility is essential.
Long-term care includes a variety of services to help with everyday needs, like medical care, personal support and assistance with daily tasks such as bathing, dressing and eating. Depending on the level of care required, these services can be provided at home or in assisted living facilities.
Most individuals will need some form of long-term care in their lifetime. On average, a person will require support for three years, but for many, the need extends far beyond that; 1 in 5 people will require care for five years or more, which can quickly drain your financial resources.
The Growing Demand For Long-Term Care Planning
With people living longer and chronic conditions rising, the demand for long-term care services will increase significantly in the coming years. This makes it critical to plan—not just for your future but also for your family's financial security. Without proper planning, the costs and complexities of long-term care can create a tremendous financial burden, making early preparation essential for ensuring comfort, dignity and stability in later years.
Why You Should Consider Consulting An Elder Law Attorney Now, Not Later
One of the most important steps in long-term care planning is consulting with an elder law attorney as early as possible. Many people don't realize that Medicaid has strict eligibility rules, and most states enforce a five-year look-back period. This means that any asset transfers made within five years of applying for Medicaid can lead to penalties or delays in benefits. Waiting too long to plan can leave families scrambling to cover care costs, just like my family did.
Had we known more about Medicaid planning and asset protection strategies, we might have been able to manage my mother's awful disease with less financial pressure. That's why I encourage others to take action now—before a crisis forces difficult decisions.
Key Components Of Elder Law Planning
These are some of the main aspects to consider.
Medicaid And Long-Term Care Planning
Medicaid is an important government program covering long-term care expenses, but qualifying can be tricky. Many people assume they won't be eligible, but with the proper planning, you often can structure your assets to maximize Medicaid benefits while still preserving your wealth.
Estate Planning And Asset Protection
More than 60% of Americans don't have an estate plan in place, leaving their assets exposed to unnecessary taxes and legal complications. A solid estate plan includes essential documents like a will, trusts and powers of attorney. These important documents ensure your assets are distributed according to your wishes.
Special Needs Planning For Adult Children
Many clients I work with have adult children with disabilities who rely on government assistance. Special needs trusts are a great way to provide financial support without compromising their eligibility for Medicaid or Social Security Disability benefits. Over 12% of adults between 18 and 64 are receiving Social Security Disability benefits.
Protecting Against Elder Abuse And Financial Exploitation
Financial abuse of seniors is a growing concern. Every year, older adults lose billions to scams or exploitation, often by those they trust. Proper legal documents, such as a durable power of attorney and selecting a trusted fiduciary for trusts, can help prevent these issues and protect your loved one's financial well-being.
How To Get Started With Elder Law Planning
Consider Consulting An Elder Law Attorney: Elder law attorneys specialize in the nuances of Medicaid, estate planning and asset protection.
Review Your Financial Assets And Income: Review your savings, investments and income streams to assess eligibility for government benefits.
Update Legal Documents: Make sure your will, power of attorney and trusts align with your long-term goals and healthcare needs.
Plan For Long-Term Care Needs: Consider options such as long-term care insurance, Medicaid planning and home care services to ensure you or your loved one is covered.
I learned firsthand how overwhelming it can be to navigate long-term care expenses without a plan in place. When my mom was diagnosed, we were faced with the enormous responsibility of finding and paying for her round-the-clock care. The costs were quickly putting us in a position where we had to make impossible financial decisions, all while grieving and trying to provide her with the comfort and dignity she deserved.
Planning can make all the difference. If you're unsure where to begin, consider consulting with an experienced elder law attorney and a trusted financial advisor to help you navigate the complexities of Medicaid, asset protection and long-term care planning. Taking action now means ensuring that when the time comes, your loved ones can focus on what truly matters without the added burden of financial uncertainty.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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