Unfortunately, we live in a culture that often brushes aside the needs of seniors. At Cook & Watkins, PLC, our attorneys have an in-depth understanding of the complexities that go hand in hand with long-term care requirements. We recognize the challenges you face and can help you devise a long-term care plan that fits your needs.
Personalized Planning Strategies
Although senior citizens are living longer, an estimated 70 percent of those age 65 and older will require long-term care at some point. As costs continue to rise, paying for long-term care can pose a significant financial challenge. A late-life health issue can quickly drain your net worth, leaving you frail and financially dependent. Additionally, many older adults worry about becoming a financial burden for their adult children. However, having a comprehensive long-term care plan in place can help you avoid the stress of insolvency and prevent financial dependency.
Medicare, Medicaid or veterans benefits can only be used to pay for long-term care costs in certain situations. If you do not qualify, the cost of care falls upon you or your loved ones. If you have build a sizable estate, you do not want to have to liquidate those assets to qualify for financial assistance either. To help you secure the proper level of care while protecting your most important assets, we use various estate planning strategies. These can include:
Placing assets in a trust
Gifting assets to adult children and other loved ones
Tax avoidance strategies
Planning for Medicaid and veterans benefits
Our firm understands the issues you face as you age. By thoroughly reviewing your assets, financial history and potential care needs, we can develop estate planning strategies tailored specifically to you. Don’t wait until your care needs are prohibitively expensive.