Call (201) 690-1642  |  maurice@girolaw.com

Call (201) 690-1642  |  maurice@girolaw.com

How You Can Protect Your Home and Your Savings
Plan Today and be Prepared for Tomorrow.
Statistics and Possibilities
  • Most studies show that 1 of 4 people will need some type of long term care
  • This probability increases with age
  • 52% of people who turn 65 today will develop a severe disability requiring long-term care
  • ​Department of Health and Human Services estimates 70% of all people over age 75 will need some type of long term care
The Baby Boomer generation is quickly reaching the age of 65. Therefore the number of adults with functional disabilities that will require some sort of daily care is on the rise. In fact, more than half of people who turn 65 today will end up requiring long-term care. The average senior will need 2 years of care. Women are more likely to require care, and for longer periods of time since they tend to live longer than men.
Professional Elder Care & Family Law Attorneys
Costs of Long Term Care
  •  Medical care and the costs for long term care will be the greatest threat to your home and your financial resources
  • National average cost for:
  • Hourly rate for home health aides is about $20/hour
  • Assisted living is about $43,000/yr
  • Long term care is about $82,000/yr (shared room) or$92,000 (private room)
  • Americans spent $339 billion on long-term care in 2013
  • ​72% of this was paid for Medicaid and Medicare
  • ​Private insurance and out-of-pocket expenses totalled $97 billion
Why Do Pre-Planning?
Taking the time to pre-plan will help you avoid any number of problems down the road. You have probably heard of the concept of “avoiding probate,” but there are other good reasons to get a good, well-strategized estate plan. Pre-planning helps you take control of your future while you are still able to make your own decisions. By pre-planning you can determine who will act as your representative in the future, and how your funds should be managed by your family members. Using tools like advanced health care directives, durable POA and different types of trusts allow you to tailor your plans to work for your specific family situation.
  • Avoid probate
  • Avoid family turmoil and conflict
  • Avoid guardianship procedures
  • ​HIPAA concerns
  • ​Tax benefits
  • Utilizing all available benefits
  • Medical risks and long term care
  • Family dynamics
  • Mixed families from second marriages
  • Special needs family members
Friends of Mine
Very dear friends of mine deeded their home to their child. This was done because they wanted to make sure he had the home without having to go through probate. The child subsequently sold the home. My friends had no savings and a very small monthly income. Two years after deeding the home to their son, dad became ill and had to go into a nursing facility. Unfortunately for my friends, they had no way to pay for long term care and were unable to get Medicaid because of a disqualifying transfer.
Common Goals
These are the common goals that most people have when they think about the future. They want to know they will be cared for, and will be able to leave something to their loved ones.
  • Age with dignity
  • Have options if long term care is required
  • Identify who will take care of you and who will help you manage your resources and assets
  • ​To leave a legacy for your loved ones
Meet Your Goals by Pre-Planning
Coming up with a well thought out plan with an elder attorney can help you achieve those goals. Pre-planning puts you in charge of your own future, and therefore should put your concerns for the future at ease.
Reiterate that planning early gives them the most power and allows them to make decisions for themselves.
  • Age with dignity--Having a say over how you are treated.
  • Have the best options available if long-term care is required by maximizing your funds and available benefits.
  • Power to choose who will manage your financial and medical decisions if you are unable to in the future.
  • ​Leave a legacy for your loved ones; not burdens
What Can You Do?
Contact an Elder Law Attorney to provide you with the information you need to achieve the goals you deserve.
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