The short answer is: If you felt the need to do the search that brought you to this blog, you probably would benefit from learning what the issues are and how to protect yourself from them.
Long Term Care Insurance, Reverse Mortgages
As you approach the senior years, and if you are in good health, a good analysis of how long term care insurance can reduce your risk can be worth its weight in gold. Like any insurance, it can seem expensive if you never need it, but, if you need it, it will become the best investment you ever made. A Connecticut Elder Law Attorney can show you how to structure a policy so that your premium dollars provide the optimal protection for your levels of assets and income, so you don’t buy too much or too little insurance.
If you cannot or choose not to buy long term care insurance, a proper Elder Care Lawyer review can show you how to use your resources to maximum advantage in funding lower-cost home care or assisted living to forestall other, more costly forms of care. In some cases, a reverse mortgage can supply a line of credit to supplement your income to make staying at home sustainable longer.
CT Medicaid (Title XIX, Title 19) Asset Protection
If you are concerned that a progressive medical condition will likely result in the need for long term home care, assisted living or nursing home care, an Elder Law review of your finances will show you how much of your assets are exposed and how to protect them. Whether you have time to plan for Medicaid’s five-year look-back period, or believe you will need care sooner or even right away, a Connecticut Elder Care Lawyer can explain the pros and cons of asset transfers, irrevocable trusts, annuities, pooled trusts, and targeted spend-downs, to custom-craft the combination of strategies that will best protect you and your spouse now and over time, and to prevent state recovery when you die.
VA Aid and Attendance Pension
If you served during wartime, or are a surviving spouse of someone who did, and you need assistance with your activities of daily living, a Connecticut Elder Law Attorney who also is an accredited VA claims attorney can help you qualify for Aid and Attendance pension benefits to pay toward your home care, assisted living, or nursing home care. If you have been told that you are over-asset or over-income, you owe it to yourself to discover how the use of transfers, trusts, annuities, and medical expense deductions can reduce excess assets and income to qualify for monthly, tax-free benefits of up to $1,788 for the veteran ($2,120 if married) and $1,149 for the surviving spouse.
Durable Powers of Attorney, Living Wills
While you are able to manage your affairs, you should execute a Durable Power of Attorney, a Living Will, and an Appointment of Health Care Representative to enable loved ones to manage your affairs and carry out your medical wishes. Even if you’ve had documents prepared by your family lawyer, there is a good chance that your existing Power of Attorney does not contain all of the provisions necessary to protect assets from Medicaid if need be. If you don’t have documents yet, a knowledgeable Connecticut Elder Law Attorney can counsel you on important decisions, like whom to appoint, what powers to grant, when the powers should become effective, and how to revoke them if necessary.
CT Estate Planning, Wills and Trusts
If it has been several years since you’ve had your estate planning documents reviewed, and if you’ve entered the senior years or experienced changes in your health, a CT Elder Care and Estate Planning Lawyer can advise you regarding the pros and cons of using a Revocable Living Trust to avoid probate, an Irrevocable Asset Protection Trust to protect assets from Medicaid and to qualify for VA Aid & Attendance, and how to use a Will to protect assets on the first spouse’s death to protect assets relative to the surviving spouse’s long term care.
Danbury, Connecticut Elder Law Attorneys
(Elder Care Lawyers)
All of the issues above, and others as well, comprise the scope of our daily work on behalf of area seniors and their families. If you are in good health and have the luxury of advance planning, you have many options to consider in developing the most effective plan to protect your lifestyle and life’s savings. If you are in declining health or even require long term care now, you still can use valuable strategies to achieve the best results. Remember: the difference between the best plan and the second-best plan can be your net worth, your independence, or your legacy. You have rights. Have them explained to you so you can empower yourself to sustain the lifestyle you want most.