Tips For Proper Crisis Planning From Our Elder Law Attorney
Nobody likes to talk about crisis planning, but given the unpredictability of most crises, it is among the most important conversations to have with your attorney. For seniors, the risk is even higher. As you age and as your health becomes more of a risk, it’s important to get in touch with an elder law attorney to discuss crisis planning and prepare for the potential long-term costs of health care or a nursing home. In today’s blog post, our elder law attorney at Davidson Law Group gives some tips on how to best prepare for a potential crisis.
Get Out In Front Of The Problem
As you age, your health risks will naturally rise. It’s impossible to know if and/or when a health crisis will strike, so getting out ahead of the problem is a great way to prepare for it. If you allow these circumstances to sneak up on you, you can waste a significant amount of your assets on long-term care or nursing home costs. Getting in touch with an elder law attorney is the best way to understand where you are at financially and how your position might be impacted by a crisis.
Be Intentional With Your Assets
One common mistake made by those who need Medicaid or nursing home services is to spend all of their assets before those programs or services are allowed to drain them. However, the idea that you must spend your assets to avoid them being taken is a myth. There are several options for this type of situation, and our elder law attorney walks you through those options with as a part of our Elder Law Crisis Planning Approach.
Another common mistake is to assume that gifting away your estate to loved ones is the best way to protect your assets and make sure they stay in the hands of your beneficiaries. However, this is also a myth. According to our elder law attorney, “gifting your estate might restrict the level of care that you or your loved one can receive, and it does not keep your assets safe from the nursing home, Medicaid, or other creditors.” Getting in touch with an elder law attorney to handle these situations is crucial.
Let Our Elder Law Attorney Help With Crisis Planning
The best crisis planning strategy is to actually develop a plan. Going through a crisis is never easy, and that will still be true when a crisis hits your family. However, if you have a plan in place, it will make the process easier. It will make sure that your assets are safe and that your needs are provided for at the same time.