Elder law is about more than documents and financial strategies—it’s about understanding the people involved, their values, and their desires for the future. A perfect example of this is the case of Joan and Bill, a married couple facing a challenging life transition. Through expert elder law asset protection strategies, Rothkoff Law Group helped safeguard their hard-earned savings and ensure their peace of mind during a difficult time.
The Transition to Care: A Focus on Elder Law Asset Protection
Joan and Bill had built a life together, but when Bill’s health began to decline due to dementia, Joan faced the reality of needing more care than she could provide at home. With $200,000 in savings, a $450,000 home, and a family to consider, Joan feared the high costs of care would deplete their assets. Luckily, Bill and Joan had substantial pensions and Social Security, but they needed expert help to protect their savings through elder law asset protection.
Bill’s cognitive decline accelerated after a hospitalization, making it clear that he required hands-on care. At nearly $15,000 per month, Joan feared a nursing home would be their only option, depleting their savings. Our Care Coordination team helped Joan find a memory care facility that met Bill’s needs while preserving their finances. We assisted with selecting the right community, reviewing the legal admissions agreement, and ensuring Bill’s and Joan’s legal protections.
Veterans Planning: Protecting Assets Through Elder Law Strategies
To cover the high costs of Bill’s care, we successfully helped Joan and Bill access Veterans’ Administration Aid & Attendance benefits, which increased their income by nearly $3,000 per month to pay care costs. These additional funds covered nearly 40% of Bill’s memory care expenses. This financial support ensured Joan’s financial security. Our team also developed an elder law asset protection plan, employing strategies to “spend down” their assets and qualify for VA benefits while protecting their home and savings.
As a result, Rothkoff Law Group saved nearly all of the couple’s $200,000 in savings and their $450,000 home, allowing Joan to remain in their home without the financial burden of Bill’s care.
The Importance of Elder Law Asset Protection and Care Coordination
This case highlights the role of elder law asset protection in safeguarding financial stability while addressing long-term care needs. It’s not just about understanding the law but also providing compassionate guidance. Our team worked closely with Joan and Bill, offering legal advice, care coordination, and emotional support during this overwhelming time. By navigating long-term care options and ensuring proper asset protection, we gave Joan peace of mind, knowing that Bill’s care wouldn’t jeopardize her financial future.
Final Thoughts
The challenges of aging and long-term care can feel overwhelming, but with the right guidance and expertise, it’s possible to protect your assets and your loved ones. Joan and Bill’s case demonstrates how effective elder law asset protection can make a tangible difference. For families facing similar challenges, working with an experienced elder law attorney can safeguard both your financial future and your family’s well-being.
Elder law is about people, and with the right support, families can navigate these difficult transitions with confidence.
