Introduction to 25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs. A Special Report for Seniors, the Disabled, and Their Families By David A. Cutner, Esq.
Today’s astronomical medical and health care costs are often overwhelming for those with chronic illness or serious injury. Protecting your money, income and assets is a primary concern if you need long-term care. Yet surprisingly, few people realize how quickly financial danger can sneak up and overtake them, Wiping out a lifetime of savings and the lifestyle they’re accustomed to.
If you need care either at home or in a nursing facility, you’ve probably already discovered just how expensive it can be. If you have to pay without the advantage of Medicaid benefits, home care can range up to $10,000 a month, at times exceeding even that figure. Nursing facility care can be as high as $20,000 or more monthly, at some of the pricier establishments. Individuals and families rarely have the monetary resources to support these costs for very long, without finally being thrust into poverty. Medicaid makes eventual impoverishment a certainty, since it will not provide benefits until you’ve exhausted your own reserves.
There is an effective solution to these difficulties most are unaware of. lt can allow you to legally keep all or a good portion of your money, investments and property working for you, while Medicaid pays your medical and health care bills. These methods are available through an attorney or law firm with an Elder Law practice.
A major focus of Elder Law is on planning and paying for long-term care needed by senior citizens and disabled people, and obtaining Medicaid eligibility for them. A common misconception is that you have to be poor or completely deplete your income and assets to get Medicaid. This is based on a lack of understanding of what federal and New York State laws allow. Elder Law attorneys serve a wide spectrum of clients with varying financial profiles, including some who have substantial reserves.
With proper planning, you can achieve Medicaid eligibility and maintain your financial status and lifestyle. You don’t have to be destitute or spend all your assets; you simply have to qualify by meeting certain financial criteria. That’s accomplished with a variety of planning approaches, including transferring assets, setting up trusts, creating annuities and using various other legal tools. A lawyer who is proficient in applying these techniques can gain many excellent benefits for you and your loved ones, often far beyond what you might think is available.
Following is a series of time tested and proven strategies for obtaining this advantageous outcome, all clearly explained. They address care both at home and at nursing facilities, for seniors and the disabled. You’ll find specific, practical techniques that directly apply to your situation. Keep in mind that successful planning requires a particular mindset about how to approach your finances and future. ln addition to workable procedures, this discussion is designed to impart a way of thinking about how to preserve what you have. lt’s critical to comprehending the larger picture of effective planning.
Please understand that the ideas, concepts and strategies in this Special Report are not legal advice. Medicaid planning is complex. Each case has unique facts that can affect the outcome, and requires individual attention and analysis. So While these are general principles that may apply in many situations, realize that your individual circumstances need to be thoroughly evaluated by a knowledgeable lawyer before any action is taken.
While many of the ideas in this Special Report might be of general interest, the report is oriented to residents of New York State. If you live elsewhere, you’ll need to consult an Elder Law attorney in your state to determine how its laws specifically apply to your circumstances.
With that understanding, here are 25 ways to make sure you get the most comprehensive financial protection available, full coverage of all your medical and health care costs, and a much more comfortable future.
25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs
- You can qualify for Medicaid (even if you don’t think so)
- The “Wait and See” Approach can Result in Ruinous Health Care Expenses.
- Plan for Home Care and Nursing Home Facility Care while You Still Can.
- What’s the difference between Medicare and Medicaid?
- It’s NOT too Late for Effective Medicaid Planning (even if you think it is)
- Why Hire an Elder Law Attorney?
- Don’t Prepare Your Own Medicaid Application
- Trusts Can Protect Your Home and Your Money!
- Special Trusts for Specific Purposes
- Protecting Co-op Apartments Require Special Handling
- Evaluate Your 401k or IRA Carefully when Planning for Medicaid
- Why Take the Lump Sum Option on Your Pension or Retirement Account?
- Choose Your Trustee Wisely
- Private Annuities can Help Protect Your Assets
- Caregiver Agreements Help Achieve Medicaid Eligibility
- Keep Your Medicare Insurance
- The Durable Power of Attorney
- Elder Law and Estate Planning
- The Health Care Proxy vs. the Living Will
- How to Choose an Elder Law Firm
- Streamline Your Financial Affairs and Record Keeping
- New York State is More Generous than Other States
- Your Attorney can Help Find the Best Care for You
- Long-Term Care Insurance Won’t Necessarily Solve the Problem
- Compassionate Elder Law Planning Focuses on Your Future Quality-of-Life!
Good planning equals a more secure and comfortable future.
You devoted a lifetime to building up your savings, and acquiring a home, investments and other assets. Don’t be a financial victim, and lose it all due to fear and inertia. That’s what stops most people from taking powerful steps to protect what they have.
While these strategies are complex, competent Elder Law attorneys know how to use them to your best advantage. Yes, many procedures, laws and regulations are involved that need to be adhered to. However, the approaches are straightforward, valid under Federal and New York State law, time tested and effective. They can make a major difference in the way the rest of your life works out, and how much peace of mind and comfort you’ll enjoy.
These methods can also supply advantages that are of supreme importance to your loved ones. They want the best life that’s possible for you, and asset protection planning is a way to achieve it. It also enables you to have something to leave to them, because the more you save now, the greater your legacy will be.
These strategies have provided financial security and a vastly improved lifestyle for many senior citizens and disabled people. They can work for you too, if you employ them.
If you need help, call us us at: at 1 (212) 447-8690. Representation of the elderly and disabled is our only practice area.
About David A. Cutner, Esq.
David A. Cutner, Esq. is an Elder Law attorney practicing in New York City. He is a founding partner of Lamson & Cutner, P.C., one of New York’s preeminent Elder Law firms. The firm’s practice is devoted solely to sophisticated elder and estate planning approaches for senior citizens and the disabled. As a compassionate advocate for the elderly and infirm, he is dedicated to protecting the rights and financial security of every client. Special Report Disclaimer
This Special Report is offered free of charge by Lamson & Cutner to seniors, the disabled, and their families for informational purposes only. It is not intended to provide, or to be relied upon as, legal advice concerning your individual situation. Although a group or collection of cases may be said to involve similar themes or fact patterns, every case has its own unique facts. These unique facts may call for a different approach or strategy than other cases which may appear – at least superficially – to be similar. Only an experienced attorney, giving individual attention to the specific facts of your case, is in a position to provide you with reliable legal advice.
In addition, Federal and New York State laws and regulations are constantly changing through new legislation and rules, and through new decisions and interpretations handed down by administrative law judges and courts. Reliable legal advice must take these changes into account. Sometimes, these changes are subtle or affect only a small number of cases, and thus are not necessarily included in a general informational discussion. These are further reasons why general discussions can never substitute for concrete, individualized legal advice regarding your specific situation.
Individuals who reside in, or who are subject to the laws of other states, should be aware that this Special Report is designed primarily to inform residents of New York State. The laws and rules governing programs for the care of the elderly and disabled may differ in your state.
David A. Cutner and Lamson & Cutner disclaim any liability for any actions taken or not taken in reliance upon this Special Report. David A. Cutner and Lamson & Cutner disclaim responsibility for any errors or omissions contained in this Special Report. This disclaimer is governed by the laws of the State of New York.
Lamson & Cutner’s prior results do not guarantee a similar outcome in future cases. This Special Report is Attorney Advertising. The content of this Special Report reflects the ideas, concepts, and thinking of David A. Cutner and the other attorneys at Lamson & Cutner. However, professional writing services were employed in the creation of this Special Report.
Certain of the actual cases mentioned in this Special Report were commenced by Carole Lamson or David Cutner prior to the formation of Lamson & Cutner. The staff attorneys and paralegals who worked on these cases joined Lamson & Cutner when it was formed, and the clients involved all transferred their legal representation to Lamson & Cutner.
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