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Today people are living longer and many individuals look forward to enjoying their golden years. While this should be a time of leisurely activities and the joys of grandchildren, many elders are faced with challenging health issues, covering the high cost of long-term care, financial concerns and the potential of family disputes.
At O’Connell and Aronowitz, our experienced Elder Law attorneys provide clients with solutions to these pressing issues. We work closely with elders and their loved ones in Albany, Latham, Saratoga Springs and across upstate New York to help them manage the complexities of aging. We strive to ensure that the seniors we assist are protected financially, have access to the healthcare they need, and can continue to enjoy a high quality of life.
Long-term Care Planning
The high-cost of long-term care, whether for medical or non-medical needs, is a serious concern for most elders. While many mistakenly believe that Medicare will cover these costs, this program only pays for limited services that do not include skilled care provided at home or in a nursing home. Elders also often require non-skilled care and assistance with daily tasks such as dressing, feeding, shopping and light housekeeping. By failing to adequately plan for these needs, many seniors risk depleting their savings.
Long-term Care Insurance
One option for those who qualify is long-term care insurance which covers the cost of services for personal and custodial care in the home or in an assisted living or skilled nursing facility. This insurance is becoming more expensive, and the type of coverage varies greatly among insurers. The experienced Elder Law attorneys at O’Connell and Aronowitz can help you select a policy that best suits your needs.
Long-term care insurance can be expensive and some elders may not qualify. Another option is Medicaid, the largest payer of nursing home care in the country. This is a federal program run by the state that is designed to provide medical assistance to low-income individuals, and those who are 65 or older. Qualifying for these benefits can be difficult, because some elders may have financial resources that exceed the eligibility threshold. Our team has extensive knowledge of Medicaid eligibility requirements and can help protect your home and your assets by establishing an irrevocable trust (also known as a Medicaid Trust).
Planning for Incapacity
Our Elder Law team can help to ensure your needs are met if you are unable to make personal and financial decisions. We routinely prepare specialized powers of attorney, healthcare proxies, and other advance directives so that your wishes will be carried out and your best interests will be protected. If an advance plan has not been established, we can assist you in applying for guardianship or the establishment of special needs trust. We also recognize that these proceedings can become contentious and are prepared to successfully litigate such matters.
Whether your goal is to protect your assets or plan for incapacity, tax issues are also a critical concern. Our experienced Elder Law attorneys are well-versed in the tax issues related to elder law planning and will strive to minimize the impact of taxes on your financial resources.
Protecting The Elderly in the Capital Region and upstate New York
At O’Connell and Aronowitz, we are dedicated to helping our neighbors in the Capital Region and upstate New York find solutions to the challenges of long-term care as part of a comprehensive estate plan. We are also highly aware of the growing problem of elder abuse and work to protect our clients so that they can age with dignity and grace. Call our office today at (518) 462-5601 for a free consultation.
Our attorneys are active members of the Elder Law Section of the New York State Bar Association, the Trusts, Estates and Elder Law section of the New York State Bar Association, and the Trusts, Estates and Taxation section of the Albany County Bar Association.