You should fully understand the eventualities that you may face when you reach an advanced age, and you should plan ahead to address them. If you go forward without a plan, you could find yourself in a difficult situation late in your life.
The first step will be to make sure that you have the resources that you need to enjoy a comfortable retirement. Your active retirement years can be quite fruitful as you spend quality time with your family, cross things off your bucket list, and enjoy leisure activities.
To accumulate adequate resources, you must consider your future plans as you act in the present. Careful planning is the key to a comfortable retirement.
After your active retirement years, the twilight years will follow. Many people are not aware of the fact that Medicare does not pay for living assistance. The majority of American seniors will someday need help with their activities of daily living, so this lack of coverage is quite relevant.
If you discuss long-term care expenses with an elder law attorney, you can come up with a plan to address these costs. Many people aim toward Medicaid eligibility, because Medicaid will pay for long-term care.
Medicaid is a need-based program, and there is a very low countable asset limit of just $2000. You could develop a plan that leads to eligibility through a divestiture of assets. This would take place toward the end of your life, so you would in essence be giving your loved ones their inheritances in advance.
This can be easier said than done, because the program rules are complex, and your eligibility could be delayed if you give away assets within five years of applying.
Elder financial abuse is another major issue within the elder law community. Billions of dollars are lost annually to instances of elder financial abuse, and unfortunately, the abusers are often people who are close to the victims.
You may be able to take legal steps to limit your exposure to elder financial abuse. This is something that you can discuss with your elder law attorney.
Schedule a Free Consultation
If you are concerned about the future, our firm can help. We offer free consultations, and we would be glad to become apprised of your situation, address your concerns, and advise you appropriately.
You can send us a message through our contact page to set up an appointment: Smithtown NY Elder Law Attorneys.
Learn More About Elder Law Issues
To learn more about the pressing elder law issues of our day, visit us at Forbes.com: Forbes Contributor Mark Eghrari.