Most people understand that planning for long-term care is an important part of their overall retirement strategy, especially as costs for senior care and assisted living services continue to increase. But, when is the right time to start? Here is some advice from a leading elder law attorney in New Jersey.
Having a long-term care strategy in place is about saving and planning with this specific goal in mind, rather than choosing a senior care provider or trying to predict your future medical needs. By having a savings and Medicaid plan in place as early as possible, you benefit from having more choices and options at your disposal, you have more control over your future and you’re properly positioned to give yourself or your spouse high-quality care without jeopardizing your finances. Here are four indicators that you should get in touch with your elder law attorney as soon as possible:
1. A Life-Changing Diagnosis
Unfortunately, the realization that a long-term care strategy is essential often only happens when a client or a loved one receives a diagnosis that changes their lives. If you are in the position where you or your spouse has been diagnosed with a chronic or debilitating condition, it’s essential to speak to an elder law attorney to not only see what you can do to afford the care required, but also to plan for future care needs and to protect your assets.
2. A Significant Age Milestone
While severe illness can strike at any age, the reality is that we become more vulnerable as we get older. It’s recommended that individuals should start planning for long-term care at age 60 at the latest. This gives you enough time to build up funds slowly to support long-term care needs.
3. Recent Hospitalization
This is a critical wake-up call for many clients who have been putting off long-term care planning. If you or your spouse has recently been hospitalized for surgery, an illness or a fall, then now’s the time to really make long-term care planning a priority. In fact, the risks associated with any underlying health conditions or frailty make this a necessity.
4. Disabled Child
Many long-term care plans aren’t necessarily to the sole benefit of you or your spouse. Rather, they’re about preventing a financial burden from falling on your dependents. And, sometimes, they may even be needed to make provision for dependents who are less independent. Long-term care planning provides critical peace of mind, ensuring that your child or children are provided for in the event that you require long-term care.
Frank R. Campisano is a highly experienced and compassionate elder law attorney with considerable knowledge of long-term care planning and Medicaid planning. In addition to planning ahead financially for Medicaid eligibility, he is also able to assist with Medicaid applications, appeals, and other Medicaid issues. If you or a family member needs assistance with Medicaid planning or protecting their assets effectively, don’t hesitate to get help today. In addition, you can also prepare additional estate planning documents, such as your Last Will and Testament, Healthcare Proxy, Power of Attorney documents, and trusts.
For a free consultation, please contact us today and speak to Frank R. Campisano or visit our website at http://www.scclegal.com/.