Before we look at the matter of legal fees, we should explain what elder law attorneys do, and why you may want to discuss the future with one of these attorneys.
Elder law attorneys focus on legal matters that are particularly relevant to senior citizens. There are certain eventualities that you may face when you attain senior citizen status, and elder law attorneys help people prepare for them in advance.
Living Assistance
It can be hard to wrap your head around the possibility of physical limitations when you are perfectly capable of handling your own affairs, and you may be in good health when you enter your active retirement years.
At the same time, people are living longer and longer lives. The oldest segment of the population is growing faster than any other, and you will probably live into your eighties if you last long enough to collect Social Security.
Individuals who reach an advanced age often become unable to handle all of their own activities of daily living. In fact, most seniors will eventually need living assistance.
Medicare does not pay for long-term care, and nursing homes are extremely expensive. Elder law attorneys help people who are planning ahead with these costs in mind.
For many, the solution is Medicaid, a government program that will pay for long-term care. Though Medicaid is a need-based program, you could give assets to your loved ones before you apply. This takes careful and informed advance planning, because you have to complete your divestitures at least five years before submitting your application if you want to obtain timely eligibility.
Elder Law Attorney Fees
There is no one universal fee structure that all elder law attorneys utilize. Some law firms will charge a lump some for the services rendered, and others will charge by the hour. The hourly charges could be broken down based on the level of expertise that was required to accomplish each individual task.
The client may also be charged for incidental expenses that are incurred during the process.
When you consider the fact that a year in a nursing home averages over $100,000 in the state of New York if you have to pay out-of-pocket, legal advice that leads to Medicaid eligibility is going to provide you with great value for your dollar.
Medicaid Planning Report
To learn more about Medicaid planning, download our special report. The report is free, and you can visit this page to access your copy: Free Report on Medicaid Planning.
Schedule a Free Consultation
If you have questions about long-term care and the expenses that go along with it, we can provide you with answers. Our firm offers free consultations, and you can send us a message through our contact page to set up an appointment: Smithtown NY Elder Law Attorneys.
- What You Need to Know about Medicaid’s “Look-Back” Rule - February 1, 2023
- What You Need to Know about Elder Financial Exploitation - January 25, 2023
- What Is an Asset Protection Trust? - January 18, 2023
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