The population is aging rapidly. Around 10,000 people are applying for Social Security every day, and this is due to the maturation of the baby boomer generation. If you are approaching retirement age, you may have questions about the eventualities that you may face during the latter portion of your life. An elder law attorney can answer these questions.
One very big elder law issue is the matter of long-term care. The majority of people who are fortunate enough to attain senior citizen status are someday going to need help with their activities of daily living. Many will ultimately reside in nursing homes, and nursing home care is extremely expensive.
What kind of expenses are we talking about? The figure would fluctuate slightly depending on the nursing home and the exact geographic location, but you are looking at annual expenses that would be somewhere in the vicinity of $100,000. People often spend multiple years in nursing homes, so the total output could be financially devastating.
Elder law attorneys help people who are looking for nursing home asset protection. Medicare does not pay for long-term care, but Medicaid will pick up the tab if you can qualify. There is a $2000 limit on countable assets, so people often give gifts to their loved ones before they apply for Medicaid.
This can be done effectively, but you have to act with full knowledge of the five-year look-back. Your eligibility is delayed if you give away assets within five years of applying for Medicaid coverage.
Even if you did give gifts within this five-year window, there are steps that you can take to adjust and retain a maximum store of assets for the benefit of your loved ones.
Finding an Elder Law Attorney
If you have come to the conclusion that you would like to discuss the future with an elder law attorney, you can ask around among your family members and friends. Someone that you know may be able to make a recommendation based on personal experience.
You could look for in elder law attorney on the Internet if you do not know anyone who can provide you with a recommendation. The website of the American Academy of Estate Planning Attorneys would be a good place to start. The Academy has been educating elder law and estate planning attorneys for over 20 years, and you can search their database to find a member in your area.
Philadelphia Area Elder Law Consultation
Our firm would be glad to assist you if you are looking for an elder law attorney in the greater Philadelphia area. We are members of the Academy, and we offer free consultations. To set up an appointment, send us a message through this page: Philadelphia PA Elder Law Attorneys.
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