The biggest challenge for seniors and their families today is wondering how they are going to pay for long-term care. Studies indicate that approximately 70% of the United States population will require assistance from a long-term care facility at some point in their life. With the average costs being around $70,000 per year for a room in a long-term care facility, this can quickly deplete your life savings in just a few years. In some cases, long-term care facility stays may be temporary as a result of an accident or injury. But most often, the stays are lengthy.

Passing property and assets to loved ones is an excellent strategy to prevent depletion of assets due to long-term care costs. However, this must be done properly. Government penalties may occur if assets are transferred immediately prior to long-term care residence. In addition, the government may restrict access to future Medicaid benefits if assets are not transferred within the proper time window. As a result, pre-planning is necessary to ensure the correct measures are in place well ahead of the time someone might require long-term care.

Davidson Elder Law is here to help seniors and their families with long-term care pre-planning so that assets are preserved and properly passed to the next generation. We’ll develop a strategy that will allow you to qualify for Medicaid benefits in the event you require long-term care later in life. This will ensure that your life savings are maintained and you live comfortably throughout your golden years without struggling to pay your bills. Paying for long-term care can be a troubling thought for most families, but we’ll work hard to make sure your assets are protected in the event you or your loved ones require long-term care.

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