Elder Care Protection Planning

With costs ranging from $5,000 to $15,000 per month, long-term care can quickly devastate one’s life savings.  Elder care protection and asset preservation planning can safeguard these resources, preserving the financial security of a healthy spouse and a legacy for children.

The Elder Care Law Attorneys at Rothkoff Law Group design individualized elder care protection and asset preservation plans based on each family’s unique circumstances.  We will also coordinate with your financial planners, accountants, and other trusted advisors to maximize the protection of your assets.

Initially, we conduct a comprehensive meeting to detail the goals of both the family and their loved one needing care.  We then use those goals to formulate a plan using varying asset protection strategies.  Regardless of your circumstances, options exist to protect you and the assets you worked to accumulate.

A common misconception is that, at some point, it is too late to protect assets.  It is rarely too late to preserve assets.  If you or your loved one has an immediate care need, options exist to preserve resources, including what is one of your most valuable assets:  Your home.

Planning early often provides greater flexibility.  Examining asset preservation options at the time you or a loved one is diagnosed with a physical or cognitive impairment allows you or your loved one to fully participate in the process.  Doing so also creates opportunities to use a wider array of tools to protect resources.

Alternative payer sources can supplement private funds.  While long-term care is often privately funded, our office will identify all options to defray these costs, ultimately reducing the use of private funds.  This may include Medicare or other insurance options, Veterans’ Administration benefits, community programs, prescription drug discount programs, and Medicaid.

Proper planning can protect disabled children and relatives, as well as caregiver children.  With proper planning and advocacy, options exist to protect assets for children with disabilities and for children caring for a parent.

Irrevocable trusts are a tool used to protect assets from the high cost of long term care.  When properly drafted and funded, these trusts hold resources to avoid the inclusion of those resources when filing for public benefits such as Medicaid or Veterans’ benefits.

Elder care protection planning is a way of protecting your assets as you age. Watch the video below as Bryan explains more about the importance of planning.