Over the past decade, baby boomers have watched their parents impoverish themselves paying for long term care; often because a health crisis necessitated an unexpected need for such care.  Having watched this happen, more and more adult-children are seeking options available now to protect their assets in the event they have a long term care need in the future.

While public benefits, such as Medicaid, may be available to pay care costs, these programs have strict financial eligibility requirements.  Medicaid also has a “look-back” to determine whether an applicant has given away or transferred assets prior to application; doing so may result in a period of ineligibility for benefits.

Fortunately there are both legal and financial options that younger individuals can use to both protect assets and also fund long-term care, if needed.  A long range asset protection plan should include both legal planning and financial planning.

An Elder Law Attorney will develop a plan that restructures assets to protect them from exposure to long-term care costs, while possibly accelerating your eligibility for public benefits if the need for should arise.  A financial planner will provide ways to maximize your existing resources and identify options to offset long- term care expenses such as long-term care insurance or other insurance products.

Consider the following:

  1. $10,000 or more: The monthly cost of nursing home care in our area
  2. 82 years old:  The average age of entry into a nursing home.
  3. 70%:  Percentage of Americans over 65 that will require some kind of long-term care.
  4. 5 Years:  The current Medicaid look-back.

When faced with these statistics, implementing a long-term asset protection plan today, will certainly protect you and your assets tomorrow.

 

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About Bryan Adler

Bryan Adler, Esq. is a Philadelphia based Certified Elder Law Attorney with offices in Trevose and South Jersey. Mr. Adler contributes educational articles and is a speaker on elder law topics including: life care planning, asset protection, veterans’ benefits, guardianship and related topics throughout Greater Philadelphia. Mr. Adler is a member of the National Academy of Elder Law Attorneys, serves on the Advocacy and Litigation Steering Committee, a Veterans Administration accredited attorney, a member of the Pennsylvania Association of Elder Law Attorneys and the Life Care Planning Law Firms Association, and a past member of the Hospice of Pennsylvania Ethics Board. Mr. Adler is a council member of the Drexel University School of Law Alumni Council. A graduate of Pennsylvania State University and Drexel University School of Law.

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