Planning for the long-term care or death of a loved family member is never a fun topic to take action on – but it’s necessary now to avoid frustration and chaos later. That’s why most elder attorneys recommend being proactive on the matter, especially when it comes to determining how to pay for long-term care, estate and will planning and power of attorney. Long-term care, for instance, can cost as much as $10,000 a month in some facilities. Are you or your elderly loved one prepared for those kinds of expenses?
First, we’ll discuss the matter of financing the required long-term care that your elderly family member may require. While your elderly loved one may qualify for some benefits via Medicaid or through a veteran’s aid pension, most families have to come up with at least some money to put toward paying for care, whether it be in a nursing home or assisted living facility. Some common ways that this can be financed include:
- Through the liquidation of assets (i.e. selling the elderly family member’s home or car(s) to pay for the care).
- Reverse mortgages.
- Government assistance (i.e. through the aforementioned avenues such as Medicaid or veteran’s aid pension).
While financing and planning for a loved one’s long-term care can be confusing and overwhelming, that’s where a Massachusetts elder law attorney or a nursing home attorney can pay big dividends in walking you through all of the options and advising you on which one might be best for your elderly loved one as well as your own personal situation.
Usually when the topic of long-term care comes up, so does the topic of will and estate planning. This too is something that a qualified elder law attorney or estate planning lawyer can assist you with, as, just as in the case of planning for long-term care, estate and will planning can be overwhelming and confusing. Having the right people on your side can give you peace of mind and confidence that when the time comes, you’ll have a few less things to worry about. Waiting, on the other hand, can only make the situation more chaotic – which isn’t ideal for any party involved.
For more information on elder law planning for long-term care in the state of Massachusetts, contact one of our qualified attorneys today. We understand that it can be a difficult topic and situation to be in – and that’s why we specialize in making the process of financing long-term care, estate and will planning and power of attorney as seamless and as stress-free as possible. We realize that you’ve got important things to worry about when it comes to an elderly loved one, and we’re more than happy and willing to take these tasks off of your plate. Contact us today for more information.