Plan Ahead for the Inevitable
You know the old saying – that there are two things in life that we are assured of, death and taxes. If one doesn’t get you, the other will! While these things are inevitable, how we plan or don’t plan for them, can make a very big difference in the quality of our experience.
We can’t blame millennials for feeling invincible, but as we age we should add a pinch of planning into the recipe for a successful life. To that end, Somekh and Associates is here to help. …..
Most People are Shocked by the Cost of Rehab
Planning ahead while you are still healthy can make all the difference in the levels of stress endured when a sudden illness or disability occurs. One of the most common scenarios we see in our practice is when a vibrant and otherwise healthy parent – let’s say mom – suffers a stroke. Imagine that after surviving, she must be in a rehab facility for an extended stay to regain her motor skills. At this time, let’s say that her home is still in her name as well as stock portfolios, bank accounts, and other various holdings. If she never did financial planning, she (as well as her children) are often shocked to find that:
- The average stay in a rehab or nursing home in New York is roughly $15,000 a month.
- Medicare and private health care do not fully cover rehab and nursing home stays.
- Medicare will only cover the first 20 days of the stay if admission is straight from a hospital, and possibly 80 percent of the next 80 days.
- This would leave a balance of approx. $165 per day due out-of-pocket.
- Private insurance for those not on Medicare works roughly the same way.
- After that time runs out, the patient is expected to pay the $15,000 from her own funds.
How an Elder Law Attorney Can Help You Protect Your Assets
Don’t get blindsided by the system. If you are proactive and plan for your future while you are still healthy, Elder Law Attorneys can often protect ALL of your assets. Without prior planning, however, we may only be able to help you protect a portion of the assets. Think for a moment about how a lack of financial planning could affect your family and loved ones in your wake. We concentrate in the following areas and more:
- Estate Planning – Get customized advice suited to your unique situation and family needs
- Medicaid Planning – Mitigate the burdensome costs of a serious or long-term illness
- Asset Protection – Gain knowledge about your legal and financial options to increase your control of your assets
- Elder Law – Ensure that your assets are protected and your final wishes are carried out
- Long-Term Care – Get help making the right lifestyle decision for your senior loved one
Start taking steps today to secure your future and give your loves ones priceless peace of mind. Call the Law Offices of Somekh & Associates at 718-878-6732 to schedule a FREE 15-minute phone consultation!
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