Clients are often concerned that they have worked all their lives to raise their families, contribute to society and paid their taxes, only to be told that in the event of unforeseen long term care, their life savings may need to be expended in order to pay for skilled nursing care for themselves or their spouse. These are troubling issues for those in their “golden years”, where frustrations continue due to the ever rising exorbitant cost of long term care. One is often troubled by the fact that benefits and assistance for long term care through Medicaid/Title XIX is available to those who qualify, regardless of contributions to society. One often comments, “Why can’t I do what I want with my money? I earned it.” “Someone that has nothing will be provided the same care I will receive. Their care will be paid for by the State, why do I have to pay?”
It is imperative that clients concerned with the preservation of assets and the possibility of spending their life savings for long term skilled nursing care, whether in a skilled nursing facility or elsewhere, be made aware of options available to them. Understanding the law before being faced with pressing decisions is what is important for all clients. State and federal law does provide certain protections and exemptions to the numerous and confusing laws.
Obtaining the proper, timely advice from Tynan & Iannone enables one to better plan for these issues. Clients should plan ahead for long term care in order to avoid the financial and emotional distress associated with the need for long term care.