By the year 2030, it is projected that there will be 71.5 million Americans over the age of 65, representing nearly 20% of the entire population. It is also estimated that approximately 50% of those individuals over the age of 65 will require some form of long-term care at home or in a nursing facility. The cost of such care in the New York/Long Island region can be staggering, with the average cost of home care ranging between $15-25 per hour and nursing home care ranging between $12,000-$18,000 per month.
Unfortunately, most seniors are not prepared for the potential financial devastation that long-term care can have on their families’ financial future. At the Atlas Law Group, we utilize legally sound planning strategies and documents, such as an Irrevocable Asset Protection Trust so that our clients can preserve their wealth and safeguard their assets in the event that a long-term care crisis was to occur.
In the event that a loved one is in need of long-term nursing home care and has not undertaken any planning in advance of such health care crisis, there is still an opportunity for asset protection through the use of certain planning strategies, such as a Promissory Note.
Want to learn more? Check out our Resources for Families page. You can learn about the benefits of an asset protection trust, versus an outright gift and other Medicaid planning techniques.