Caring for a Loved One: Long Term Care and the Catastrophe
As baby boomers age, the cost statistics on Long Term Care become increasingly daunting. An individual with an estate of less than $1,000,000, must plan for Long Term Care or risk being wiped out by the exorbitant costs. With skilled care often costing more than $10,000 per month, a siren call for action has been sounded.
New changes to Medicaid eligibility rules for Long Term Care are extensive and unsettling and have created an uncharted legal landscape. With careful planning, however, you may well be able to preserve 50%-70% of your assets. Al Hehr, Chair of our Estate Planning practice group, will walk you through the critical measures you must take sooner rather than later so that you may look to a future unburdened by the prospect of “losing everything.”