Events @ Memorable Affairs
Elder Law

Statistics reveal that half of all Americans over the age of 60 will spend at least some time in a nursing home, the average cost of which is more than $8,500.00 per month. The best strategy is to purchase long term care insurance, if possible

Have you prepared an Advance Medical Directive along with your Last Will and Testament? This document allows your wishes to be known if you become too ill to communicate them. It also allows you to designate someone you trust to carry out your wishes.

Learn how Medicare will pay for your nursing home stay. Learn about Medicaid Planning. Are you aware there is a five (5) year "look back" in the transfer of assets for less than fair market value? Do you wonder if you will be able to stay in your own home? This is a medical decision as well as a financial one. However, Medicaid has a "waiver" program which may pay for at-home nursing care. Any substantial Medicaid planning must be done five years in advance. However, some planning can and should be done at any time.

If you have to apply for medical assistance (Medicaid) to pay for nursing care you will have to "spend down" most of your assets paying for nursing care before Medicaid will step in. However, the law allows you to protect some of your assets. If you have a spouse or minor or disabled child you can protect much greater assets for their benefit.

Many of us will be caregivers to our loved ones. Don't try to do it all yourself. Taking care of a loved one at home without outside help is physically and mentally exhausting. There is a lot of help available – don't be afraid to ask for it. Caregivers need to care for themselves first!