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Long Term Care Planning Archives

What is 'elder law' and how can it help Pennsylvania residents?

Long term care planning is only one area covered by attorneys who practice "elder law." What is meant by that term? Most Pennsylvania residents are familiar with some of the most common areas of law: personal injury, medical malpractice, divorce and criminal law, for example. But, for those thinking about estate planning, long term care planning and how they will be able to accomplish their financial goals as they get older, the area of "elder law" may be something with which to become more familiar.

Protecting your loved ones at a nursing home

Long term care planning can help to protect you and your family. As we age, the possibility of needing long term care becomes more likely. While this is a lifestyle change for which no one wishes, dealing with the logistical details of you or your spouse moving into a nursing home involves much more than just leaving your home. There are also many financial elements that are of great concern.

Exercise your estate planning muscle

The wellbeing of your estate likely rises to the top of mind as life's milestones pass. Indeed, having the right plan in place as you age is important. What does the future hold for you and your estate? If you don't already know the answer to this question, know that what happens to your estate relies somewhat on what happens to you as you age. How do you find vitality for both you and your estate?

How do people typically pay for nursing home care?

Long term care planning can be important since many people in Pittsburgh, Pennsylvania, may have to spend their last years living in a nursing facility. One thing that nursing facilities generally have in common, however, is price, with the average cost being $321.95 per day in 2017. This means that long term care planning is important when people in Pennsylvania start thinking about financing nursing home care.

We help people planning for long term care

Long term care planning is an issue that many Pittsburgh residents must face when dealing with the needs of their older relatives for assisted living or nursing facility care. Planning for long term care is something that should be done sooner, rather than later. It is also never too early to begin preparing for one's own possible long term care needs. When making these preparations, it is a good idea to follow some best practices.

Trusts could be the way for long term care planning

Long term care planning may involve the use of irrevocable trusts. Why are these trusts useful vehicles to protect your assets? Irrevocable trusts take the assets out of your name and control, which can protect them from being exposed to paying for your long term care.

Helping you with your Long Term Care Planning needs

Long Term Care planning usually involves the review of how one could pay for long term care in the event of disability and/or incapacity. This review may involve an elder law attorney, an accountant, a financial planner and/or a long term care insurance broker. One way that long term care can be paid for is by using your income and retirement funds as well as your savings. However, since the average cost of nursing home care is now between $9,000 and $10,000 per month, a lifetime of savings can be depleted quickly.

Understanding Long Term Care Planning

Planning for long term care can be an important matter for Pittsburgh families to consider when reviewing finances for the New Year. By planning for long term care right now, it may be possible to put aside funds and study options to determine how to receive the best care rather than being overwhelmed at a time of crisis. Some experts estimate that at least 60 percent of all individuals will need some form of extended help over the course of their lives, so why not plan for it accordingly?

Implications of filial responsibility for long term care planning

When doing long term care planning, it is important to remember that parents usually want the best for their children.  Parents may spend their lives working and saving to provide their children with the best education and lifestyle that they can manage. In fact, one aspect of parenting is to ensure that children are not burdened with their parents' financial problems. However, parents often neglect to do long term care planning, which can help prevent adult children from carrying their parents' financial burdens for nursing home care.

What is Spend Down?

Spend down of assets, part of long term care planning, is a concern of Pennsylvanians who are considering Medicaid or Medical Assistance as an option to pay for nursing home care for a loved one. One of the biggest worries for Medicaid eligibility has to do with finances. Understanding what spend down is and how it works is an important part of long term care planning for a loved one.

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