Mistakes People Make When Preparing for the Future
Rothamel Bratton’s Life Care Planning Team will Help You Avoid Common Pitfalls in New Jersey & Pennsylvania
Life Care Planning is not an exact science. Every family has its own dynamic that must be taken into consideration when planning for the care of an elderly loved one. Our experienced elder care lawyers, along with our elder care planning coordinator, will be with you every step of the way as you face challenges, weigh your options and make decisions that will ensure the health and comfort of your aging relative and protect their assets.
Financial Mistakes
Paying for elder care can be exorbitantly expensive. For most people, regardless of how much money is saved to pay living expenses in one’s senior years, there won’t be enough to pay for nursing home bills.
- Many people think Medicare or health insurance will be a financial safety net in the future. However, they are surprised to learn that neither will cover long-term skilled nursing care.
- Asset transfers are often a go-to strategy to shield savings from the government when a person needs Medicaid. The result of transferring assets can cause a delay in Medicaid coverage for nursing home care. Plus, the tax implications of asset transfer can be enormous. If you plan far enough ahead, asset transfers may make a great deal of sense. However, if you are within five years of needing nursing home care, refrain from trying to empty your bank accounts without proper advice. Don’t sell your home to pay for nursing home care without seeing an attorney. In most cases, it’s not necessary.
Planning Mistakes
A Life Care Plan consists of coordinated care, client advocacy and legal issues relating to elder care. It’s important to work with a knowledgeable elder care professional who will review your entire situation and help you avoid planning mistakes as they draft a plan that meets your needs now and in the future.
- A well-drafted plan will most certainly include a will. Sometimes, an experienced eldercare lawyer at Rothamel Bratton will advise you to create a trust, as well. It’s important to note, however, that since a will only takes effect upon the person’s passing; any directions outlined in a will won’t have any effect on nursing home issues. Secondly, a revocable living trust can’t protect financial assets when you are seeking Medicaid coverage for a nursing home.
- This piece of advice may be a hard pill to swallow. It’s easy enough to trust that members of your family will make the right decisions in terms of healthcare and finances. Unfortunately, not only can that be considered poor planning, it may also be a problem waiting to happen.
- When it comes to decisions about elder care, especially end-of-life decisions, every person has their own viewpoint. If a person wants to make certain their wishes are carried out when they are unable to speak up for themselves, legal documents should be put in place that outline those wishes. Family members may have the best of intentions, but when crisis occurs people tend to react rather than consider past conversations.
- Money causes arguments every day; even more so when life and death issues are being discussed. Don’t put loved ones in the position of having to fight over assets. A Life Care Plan will outline one’s desires for how their money should be spent while they are alive and how it will be dispersed upon their death.
Two Major Mistakes People Make When Preparing a Life Care Plan in NJ & PA
If you need surgery, do you consult a bus driver? When you are looking for an excellent Italian meal, would you opt for fast food? Of course not. When it comes to planning for your own or your loved one’s eldercare needs, turn to professionals who are knowledgeable, experienced and ready to put their skills to work on your family’s behalf.
- Do not attempt to create a Life Care Plan without the assistance of a team of eldercare planners who know the laws, the many eldercare resources in NJ & PA, and will advocate for your rights and protect your interests every step of the way. At Rothamel Bratton, we know the nuances of eldercare law. We understand the various aspects of Medicaid and other government programs. These laws vary from state to state. We have expertise in NJ and PA. Choosing to go-it-alone when it comes to planning for one’s future can be an extremely costly mistake.
- Finally, choosing to do nothing when it comes to preparing for the future may be the worst mistake a person can make. Take the time now to put a Life Care Plan in place for yourself and encourage your loved ones to do the same. If you have an elderly relative, we can guide you through the process on their behalf, as well.