It’s not something you want to think about right now, but the reality is that many elderly people eventually require long-term or nursing home care. How many? Nearly one in two women and one in four men find themselves in nursing homes at some point in their lives. Unfortunately, nursing home costs are already very high, averaging anywhere between $5,000 and $9,000 per month, depending on what part of Colorado you live in and the level of care required. These costs are also expected to rise in the future. To make matters worse, Medicare will not pay for long-term care. Little wonder, then, that two out of three families run out of money within the first year of a prolonged nursing home stay.
Are you ready to hear some good news? We can help you qualify for assistance from Medicaid, without spending down all your income or giving up most of your assets. We can show you a number of ways to prepare in advance for a nursing home stay.
Proactive Medicaid Planning
Proactive Medicaid planning is for people who are currently healthy but want to make sure that if the do become incapacitated at some time in the future, they will have a plan in place to protect their life savings. We have designed numerous plans that allow individuals and families to protect their assets and effectively manage their personal and financial affairs in the event of incapacity. It is extremely important that a firm with a focus on elder law, such as Braverman Law Group, LLC, prepares your plan. A well-designed plan not only ensures you will be adequately cared for should you become incapacitated, but also provides you with greater peace of mind.
A Special Letter From Diedre
When it’s time to consider long-term care for yourself or a loved one, you face a confusing array of rules about who will pay for the care and what you can and can’t do with your assets.
Ensuring that you can transfer or pass on as many of your assets as possible without losing eligibility for programs that pay for long-term care is the goal of Elder Law.
In Colorado, planning is particularly urgent because of the implemenatation of new, much harsher rules on the transfer of assets.
As Boulder Colorado elder law attorneys, we are experienced at creating and implementing asset preservation programs that allow you to pass on not only your family home but substantial other assets to your loved ones. Please call soon for your free consultation.