Whether you are considering a long-term care plan for yourself or a parent, the best time to create your plan is years before a plan is needed. There are various long-term care options you can make with the help of our long-term care planning attorneys.
Long Term Care Planning
Making decisions about your care later in life can benefit you and your family. Technically, nobody knows for sure if they will ever need long-term care, and there is a possibility that you may not need it. However, if something life-changing happens, such as an unexpected injury, illness, or accident, your needs can change in an instant.
Whether you are considering a long-term care plan for yourself or a parent, the best time to create your plan is years before a plan is needed. There are various long-term care options you can make with the help of our Queens long-term care planning attorneys.
In New York, Medicaid is available as a publicly funded option for low-income families or individuals who spend down their savings. In 2022, to qualify for a Medicaid program, you must have less than $16,800 in countable assets.
However, there are other complex Medicaid eligibility rules that require the knowledge of an expert to ensure your wealth and family are protected. Long-term care planning attorneys at Somekh & Associates, PLLC can help protect what you have worked hard for years to accumulate while navigating the possible options for your situation.
Planning your finances for long-term care is essential. Generally, long-term care is costly and can quickly drain your life savings. Plus, most people cannot depend on their family members or children for support to cover out of pocket costs. By understanding the costs of long-term care and potential medical expenses, you can develop a plan that protects and preserves your assets for your family. Wills, trusts, and other estate planning documents can formalize these plans and ensure that your wishes are carried out in the event of incapacity.
If you are concerned about how your assets will be used in the event that long-term care becomes necessary, an estate planning attorney can help. Not only can you lay out a plan for the division of assets upon death, but you can also plan for potential incapacity. By designating an agent under a power of attorney, you can ensure that your interests are protected even if you lose capacity.
At Somekh & Associates, PLLC, we focus in estate planning law, and we can help you plan your estate according to your wishes. Our estate planning lawyers will learn about your financial affairs and goals regarding your estate planning and then develop a plan to help you accomplish those goals.
Looking for a Long-term Care Planning Attorney in New York? We Can Help
Creating a long-term care plan is a valuable gift for your family. It can help reduce the emotional and financial burden on the people you care about the most. If you need help making a long-term care plan, we can help you at Somekh & Associates, PLLC. Contact us online or call us at 718-740-3300 to schedule a consultation with our lead attorney, Lori Somekh.