Plan Today To Preserve For Tomorrow
According to the U.S. Department of Health and Human Services, about 70 percent of individuals over age 65 will require at least some type of long-term care during their lifetime. Over 40 percent will need care in a nursing home for some period.
For many people, the cost of long-term care services will have to come from personal savings and personal assets, either because they did not purchase a long-term care policy or they do not qualify for Medicaid.
It is important to plan ahead for your long-term care risk. The average cost for a private room is more than $77,000 per year, and the average stay in a nursing home is 30 months. A person entering a nursing home today could expect to pay close to $192,000 for the full term of his or her care. In only 10 years, assuming an annual 5 percent increase in the cost of such care, a 30-month stay will cost well over $300,000.
Cranston elder law attorney Michael T Napolitano assists elderly clients and individuals with elderly parents or other family members in the full scope of elder car law. This includes:
- Estate planning — The smart use of wills, trusts and other asset protection tools
- Durable powers of attorney — Providing someone you trust the legal ability to make financial and health care decisions for you in the event you become incapacitated
- Medicaid planning — Protecting your assets while maximizing your eligibility for Medicaid and other government medical benefits
- Guardianships — Creating a court-supervised administration for a minor or an incapacitated adult
Our experienced elder law lawyer will take the time to explain all of your options and communicate the short- and long-term ramifications of the decisions that you make. We have helped thousands of Rhode Island families protect their hard-earned assets and prevent them from spending their life savings on long-term care and medical needs.