Legacy Design Strategies
Omaha, NE, Minot, ND and Iowa Fall, IA Estate Planning and Elder Law Firm
Estate Planning and Elder Law Blog
The statistics are staggering. According to the Department of Health and Human Services, more than 56% of people turning 65 will require long-term care. However, few are financially equipped to handle the expense. On average, a 65-year-old can expect to incur $120,900 in long-term care costs, with nearly 40% of that burden falling on families to pay out of pocket.
Traditional safety nets, like Medicare, only cover short-term care, leaving Medicaid as one of the few options for assistance. Unfortunately, Medicaid eligibility rules are complex, and without proper planning, many families find themselves spending down their life savings to qualify.
The rising costs of long-term care insurance further complicate the issue. Premiums for these policies range from $1,700 to $7,225 annually, reports a CNN article, and stricter eligibility requirements often disqualify older adults. Those who do qualify frequently face higher premiums due to health or mobility concerns, leaving low-income families in a particularly vulnerable position.
Preparing for long-term care requires more than saving money—it requires a comprehensive legal and financial strategy. This is where an elder lawyer can provide invaluable assistance.
An Omaha elder lawyer can help you navigate the intricate Medicaid eligibility rules and develop a strategy to protect your assets while qualifying for benefits. By planning early, you can avoid penalties and preserve more of your hard-earned savings.
With the right legal tools, such as irrevocable trusts, you can safeguard your home and other valuable assets from being depleted by nursing home costs. Read more about Medicaid Trusts.
An elder lawyer works with you to anticipate future needs and create a long-term care plan that ensures access to quality care without compromising your financial stability.
In addition to financial planning, elder lawyers help families establish healthcare directives and powers of attorney, ensuring your wishes are respected if you become unable to make decisions for yourself.
Delaying long-term care planning can have devastating consequences. Families who wait until a crisis arises often face difficult choices, including selling assets or relying on loved ones for financial support. Starting the planning process early allows you to explore all available options and avoid unnecessary stress and financial loss.
At Legacy Design Strategies, we understand the unique challenges Omaha families face when preparing for long-term care. Our experienced team of elder lawyers works with you to create a personalized plan that protects your assets, secures your family’s financial future, and ensures access to the care you or your loved one needs.
Key services we provide:
The majority of older Americans are unprepared for the high costs of long-term care, but you don’t have to be. With the guidance of an experienced Omaha elder lawyer, you can take proactive steps to secure your family’s future and maintain your peace of mind. Request a consultation with our team to start planning ahead, which is one of the most important gifts you can give yourself and your loved ones. Let Legacy Design Strategies help you navigate the complexities of long-term care planning and protect what matters most.
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9859 South 168th Avenue,
Omaha, NE 68136
7 Third Street SE, Suite 202,
Minot, ND 58701
320 North Oak Street, PO Box 295,
Iowa Falls, IA 50126