Caring for loved ones is never an easy task. Combine the emotional stress of an ailing parent or spouse with navigating the waters of obtaining their care, and one can not only become quickly overwhelmed but can lose precious assets they or their loved ones have worked hard to save.
While many people talk about the eventuality of needing care, they often don’t plan for it, and when it is time, they find themselves completely unprepared. The average cost of nursing home care on Long Island is between $300 and $500 per day, and if an application for care is submitted with surplus assets, an ailing patient can face a penalty period that costs thousands of dollars and uses all of their assets.
But there are ways to preserve those assets for spouses and loved ones if properly planned for, and properly managed before and at the time of application. There are exemptions for transfers between spouses, or to disabled children, and child caregivers. Or if properly managed ahead of time, health trusts can provide protection for almost all of one’s assets.
Eldercare professionals are well versed in this area and can help veteran families who believe they have taken all of the necessary steps, as well as, families that have failed to do any planning at all chart the waters of nursing home care, at home care, or future planning.
While it is always easy to listen to a neighbor’s story of how they made sure their loved was “taken care of,” it is important to contact a professional who can help with the entire process from start to finish.
Contact Misiano Law with any questions about protecting your loved one’s assets, and we will help you prepare for this major life event.