Long-Term Care Planning
Anticipating Costs and Considerations of Nursing Home Care
With advance planning, it is possible to qualify for long-term care without depleting family wealth. The estate planning attorneys of McCabe & Mack LLP provide sound strategies for financial preservation. We advise elderly clients — often in conjunction with their adult children — in Dutchess County and communities throughout the Hudson Valley.
There is No Time to Spare: Start Planning Today
The need for nursing home care is not always foreseeable, but the key to preserving family assets is proactive measures. Transfer of money or property within the federal "lookback" period can disqualify a loved one for Medicaid assistance with the exorbitant costs of elder care. The government may even try to recover those assets.
Far enough in advance, families may be able to:
- Avoid taxation through generation-skipping trusts
- Gradually transfer wealth through annual gifting allowances
- Fund the premiums for long-term care insurance
- Set up a Medicaid trust to hold title to the house and other assets
- Create a life estate that deeds the house to one's children but guarantees that the grantor can still live in the home for the rest of his or her days
Dad Needs Care, But Mom is Still Active (Or Vice Versa)
A spouse can retain the home and additional assets (up to a maximum amount) to avoid impoverishment. In other words, the healthy spouse does not have to live on pennies and liquidate all property to pay for the other's care. However, an estate plan will be needed to pass the remainder of the estate to the next generation when the second spouse dies.
Special Needs and Medicaid Planning
Our lawyers advise couples in Poughkeepsie and upstate New York on all facets of elder care and long-term care planning. We also create supplemental needs trusts for clients who want to set aside quality-of-life expenses for a disabled family member without disrupting Medicaid or Social Security eligibility.
YOUR ESTATE PLANNING TEAM
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