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Quality of life is paramount. Elder Law planning is an efficient means to a worthwhile end: your future quality of life. Asset protection strategies ultimately serve two functions.

First, they allow you to retain your financial wherewithal, so that you can continue to maintain your lifestyle by being able to afford it. The alternative is the dreaded Medicaid “spend down,” compelling you to relinquish your money and assets for the cost of your own care. The inevitable impoverishment has a devastating emotional impact, and doctors will tell you that stress makes everything worse. Do you know people who suffered a major financial blow and subsequently got sick, or whose medical conditions then became worse? Don’t let it be you.

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Second, good planning creates options that may avoid serious consequences for your manner of living. For example, by having an Elder Law attorney set up a plan that provides Medicaid coverage of adequate home care, you may avoid or delay eventually having to enter a nursing home. Wouldn’t you rather spend the rest of your life in the comfort and dignity of your own home?

Here is an example of how Elder Law planning can make a real difference with quality-of-life concerns. We helped a client who has a terminal illness, is incontinent and needs assistance with all her activities of daily living. At the time she retained us, she’d already employed a home care assistant she was comfortable with, and was paying for out of her own funds. We filed a Medicaid application for home care, which was approved.

In addition, one of the most important benefits to her was the fact that we were able to “vendorize” her attendant. Through contacts at the home care agency, we arranged for her attendant to become certified and accepted as its employee. The cost of her salary ended up being fully paid by Medicaid.

The happy result was that our client got the home care help she needed and retained her preferred assistant, all completely covered by Medicaid.

Of course, it’s not always possible to eliminate the prospect of a nursing facility stay, because sometimes your health degenerates to the point where it’s just not safe to stay at home. Yet in other cases, around-the-clock home care can supplant the need for a nursing facility. The peace of mind you experience in your own surroundings may have a psychological effect that contributes to keeping your disability stable, so that you never need to enter an institution.

Also keep in mind that if you do have to reside in a nursing home, the availability of extra cash that would otherwise be lost can be a significant factor in making things more comfortable for you.

These are options only good asset protection planning can provide. The rule is: investigate everything that’s available to you. It can make all the difference in the world for your material comfort in your remaining years.


25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs

  1. You can qualify for Medicaid (even if you don’t think so)
  2. The “Wait and See” Approach can Result in Ruinous Health Care Expenses.
  3. Plan for Home Care and Nursing Home Facility Care while You Still Can.
  4. What’s the difference between Medicare and Medicaid?
  5. It’s NOT too Late for Effective Medicaid Planning (even if you think it is)
  6. Why Hire an Elder Law Attorney?
  7. Don’t Prepare Your Own Medicaid Application
  8. Trusts Can Protect Your Home and Your Money!
  9. Special Trusts for Specific Purposes
  10. Protecting Co-op Apartments Require Special Handling
  11. Evaluate Your 401k or IRA Carefully when Planning for Medicaid
  12. Why Take the Lump Sum Option on Your Pension or Retirement Account?
  13. Choose Your Trustee Wisely
  14. Private Annuities can Help Protect Your Assets
  15. Caregiver Agreements Help Achieve Medicaid Eligibility
  16. Keep Your Medicare Insurance
  17. The Durable Power of Attorney
  18. Elder Law and Estate Planning
  19. The Health Care Proxy vs. the Living Will
  20. How to Choose an Elder Law Firm
  21. Streamline Your Financial Affairs and Record Keeping
  22. New York State is More Generous than Other States
  23. Your Attorney can Help Find the Best Care for You
  24. Long-Term Care Insurance Won’t Necessarily Solve the Problem
  25. Compassionate Elder Law Planning Focuses on Your Future Quality-of-Life!
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