Making plans for your future long-term care needs is a core component of estate planning. The cost for nursing home care or home caregiving is high anywhere, especially in more affluent areas of New York like White Plains. Government programs such as Medicaid can assist with long-term care expenses, but you must plan early to meet eligibility requirements.
At Amoruso & Amoruso LLP, our experienced estate planning attorneys can walk you through your options for long-term care and prepare for whatever the future holds. Contact us today to schedule a consultation.
Why is Long-Term Care Planning Important?
Long-term care planning is vital because of the financial risk you may incur without a plan in place. According to the New York State Partnership for Long-Term Care, the average annual cost to live in a Westchester County nursing home is approximately $169,980. Long-term care planning allows you to develop a plan to afford future care needs while preserving your hard-earned assets.
Long-term care planning is important for:
- Nursing Home Medicaid and Home Care Medicaid qualification – Medicaid places specific financial criteria on eligibility and may not cover what you or a loved one needs. New York also has a five (5) year lookback rule that scrutinizes a Nursing Home Medicaid applicant’s asset transfers to confirm that they are not gaming the system for public assistance. The lookback period will soon apply to Home Care Medicaid.
- Personal choice – By planning ahead, you can voice your opinion on how and where you receive care, whether at home or in a facility.
- Peace of mind – A solid plan for long-term care can provide some certainty for you and your family, especially if your healthcare needs are expected to change.
How Our White Plains Attorneys Can Assist with Long-Term Care Planning
Attorneys Michael J. Amoruso and Sreelekha Chakrabarty Amoruso have over 60 years of combined experience with elder law and long-term care planning. Our law firm focuses exclusively on designing custom strategies for each client and advocating for them at every stage of the estate planning process.
Our comprehensive estate planning service for long-term care includes:
- Examining your finances and evaluating potential care needs
- Designing asset protection strategies
- Determining if you may qualify for Medicaid or veterans’ benefits and helping you apply for them
- Creating documents to support your plan
- Reviewing an existing long-term care plan and suggesting optimizations if necessary
Key Components of Long-Term Care Planning
A comprehensive long-term care plan includes these essential components:
- Financial protections – Your lawyer can advise you on ways to protect your finances and help you qualify for benefits in the future, such as a Medicaid Asset Protection Trust (MAPT). Supplemental insurance options may be available to help fill in coverage gaps.
- Health care proxy – If you cannot express your medical-related preferences, a health care agent you designate in advance can make these decisions on your behalf.
- Power of attorney – Should you become incapacitated, the person you designate as power of attorney can make legal and financial choices for you.
Benefits of Long-Term Care Planning
There are several major benefits to creating a long-term care plan. You will:
- Protect your savings and the legacy you wish to leave behind
- Specify your wishes regarding long-term care and living arrangements
- Relieve your family of decision-making pressure if you cannot communicate your preferences
- Get reassurance on what will happen if you become incapacitated
Contact a White Plains Long-Term Care Attorney
Don’t wait until you need long-term care to form a plan. The White Plains estate planning attorneys at Amoruso & Amoruso LLP can help you prepare for the future today. Call or contact us now for a confidential consultation.
