Helping Clients Plan for Long-term Care
Makofsky & Associates, P.C. has more than 20 years of experience in long-term care planning. We help clients receive Medicaid and Veterans’ Benefits to pay for care while employing strategies that let them protect their assets for their spouses without spending down all of their money on health care costs.
To discuss long-term care planning with one of our lawyers call (516) 228-6522 or contact us online today.
Hope for the Best, but Prepare for the Worst
Every day, accidents, medical emergencies and the normal aging process cause individuals to become unable to care for themselves or make rational decisions. By planning ahead you can reduce the expense, confusion and turmoil faced by your family and those charged with caring for you. Some options include:
- Durable Power of Attorney: By designating an agent in a durable power of attorney you decide who you want to make decisions about your finances and long-term care planning in the event that you become unable to do so yourself. Often, spouses appoint the other spouse as their agent. If you have not designated an agent in a durable power of attorney and you become unable to make financial decisions, you may need to establish a guardianship through a court proceeding. The guardianship process is more expensive, time consuming and has uncertain results.
- Health Care Proxy: A health care proxy is a document that designates a person to make health care decisions for you should you become unable to do so yourself. You might also want to execute a “living will” in addition to the health care proxy.
Many Options Are Available to Pay for Care
No matter how close you are to needing long-term care, we generally can take steps to help you preserve your assets.
You can defray the costs of a nursing home stay by applying for Medicaid and/or by receiving Veterans’ Benefits. You may be able to position your assets so that you are eligible to receive Medicaid without having to spend down all of your assets and you may be able to protect your assets from estate recovery.
In addition, you can protect your home from Medicaid liens by using tools such as trusts and deed transfers. You may also wish to purchase long term care insurance.
If you would like to schedule a consultation to discuss long-term care planning with one of our lawyers, call (516) 228-6522 or contact us online today. We would be happy to talk with you.
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*Certified by the National Elder Law Foundation.
The National Elder Law Foundation is not affiliated with any governmental authority. Certification is not a requirement for the practice of law in the State of New York and does not necessarily indicate greater competence than other attorneys experienced in this field of law.