As our seniors are living longer and longer, more and more seniors are requiring long-term care. While it may be hard to think about moving into a long-term care facility, have you considered that this may be the best option for Florida seniors because their children may not be local to provide the care they need and, even if they are local, it is difficult for children of seniors to provide full-time care for their parents while also caring for their own families?
Planning for the idea of potentially moving into a nursing home or assisted-living facility can be a seemingly daunting task, but it may also be very important. In Florida, the yearly cost for nursing home care is astronomical, averaging almost $120,000.00 per year for a private room. This cost is not covered by Medicare and so, for most seniors, this is enough money to drain all assets and leave nothing for a surviving spouse or children when they pass. With the right planning in place, however, these expenses can be paid for, but you have to start planning now.
An experienced elder law attorney can help Florida seniors implement asset protection and estate planning strategies to ensure that they do not go broke paying for their long-term care. Medicaid may be one very effective benefit covering long-term care, but it can also require significant planning for those who currently have assets that exceed the qualifying threshold for Medicaid. Medicaid has a five-year “look back” period, which means that any transfers of assets taking place within five years of applying for Medicaid can be disregarded, making early planning with an attorney even more critical for seniors.
Do not hesitate to contact our office. We can look at your own particular facts and circumstances and make recommendations specific to your needs and your goals so that you have the most effective plan for long-term care in place. Please reach out to us today to schedule an appointment.