For Most, Elder Law is Crisis Planning
Elder law planning usually begins with a crisis. As the result of a catastrophic illness or disability, a spouse or parent faces admission to an assisted living or a nursing home or long‑term care facility. The family fears that everything the infirmed person had worked for during a lifetime may be at risk. Few know that at-home caregivers are available 24/7 at a far lower cost or that, family caregivers can be paid.
For more than 17 years, the lawyers at McHugh & Macri in East Hanover, New Jersey, have been providing help and guidance to individuals and families who are facing this situation. Don McHugh and Vince Macri are two of only 325 attorneys nationwide who are certified in elder law (CELA) by the National Elder Law Foundation. If you and your family are facing the admission of a family member to an assisted living, nursing home or long‑term care facility, we have good news and bad news.
First the Bad News
The bad new is that, yes, everything you own is at risk because the US does not have a long-term care plan for the elderly.
Many believe that Medicare will pay for nursing home care. However, Medicare only pays for rehabilitation and therapy. When rehabilitation and therapy is over, you become a custodial patient. Neither Medicare nor Medicare Supplement Plan pay for custodial care. The Medicare coverage is a maximum of 100 days of rehab and therapy. After 100 days, then you become insured by the Y.O.U. insurance company, with convenient offices in your left or right pocket!
With nursing home costs of $10,000 per month or $120,000 a year, the estate you spent a lifetime building may be wiped out. While long‑term care insurance policies will pay for nursing home costs, these policies need to be purchased years in advance of need. If you wait until you are in need of long-term care, the cost will be prohibitive or coverage unavailable.
Now The Good News
The good news is that health care impoverishment does not have to happen. Most people believe that once you are in a long-term care facility, it's too late to shelter and preserve assets. That is not true. Our lawyers can still shelter or protect some of your assets, including your home. The sooner you come to us, the more we can protect. If you wait until you are admitted to a long-term care facility, our lawyers can protect some assets. Had you started earlier, you will be able to shelter a much higher percentage of your assets. The method we use to protect your assets is called asset preservation planning and it is a legal way to shelter them.
Don McHugh and Vince Macri are two of only 325 attorneys nationwide who are certified in elder law (CELA) by the National Elder Law Foundation.
Free Lawyer Consultation
For a free initial consultation with one of our CELA partners, call 973-577-6010 or fill out the "Fee Free" contact form on this Web site.
