Asset Protection Today with Bill Alexander
Bill goes through scenarios of when it makes sense to convert a retirement account to an IRA.
info_outline When To RetireAsset Protection Today with Bill Alexander
Important concepts to consider before you retire and how to set yourself best for asset protection in retirement.
info_outline After CaregivingAsset Protection Today with Bill Alexander
Bill continues his conversation with Diane Surgeon as the subject shifts to what you need to do once your caregiving journey has concluded.
info_outline Caregiving RespiteAsset Protection Today with Bill Alexander
Bill welcomes attorney Diane Surgeon to discuss how taking care of yourself when in a caregiving role is an essential part of life planning.
info_outline Minimum Required DistributionsAsset Protection Today with Bill Alexander
Bill breaks down what you need to know about taking money out of a retirement account, before and after retirement.
info_outline 401K MistakesAsset Protection Today with Bill Alexander
Bill describes how 401K retirement accounts work and how to avoid some common mistakes.
info_outline Long-term Care OptionsAsset Protection Today with Bill Alexander
Bill dives in to the options and costs of the various forms of long-term care that are available.
info_outline Umbrella InsuranceAsset Protection Today with Bill Alexander
Bill explains what umbrella insurance is, how it should be used, how much you should have and why it's more important than you think.
info_outline The SECURE ActAsset Protection Today with Bill Alexander
Bill explains how a potential new piece of legislation could create major changes for retirement accounts.
info_outline Asset Protection with Revocable TrustsAsset Protection Today with Bill Alexander
Bill goes into detail on how trusts work and how revocable trusts can be used in your asset protection plan to protect your assets from uncertain family dynamics.
info_outlineFamilies frequently come to our law office seeking help for a long-term care crisis. Long-term care needs cause the loss of independence and the depletion of assets and they know we can help. In one instance, a couple saved enough cash and retirement assets to support them for their lifetime. However, one spouse’s chronic illness required daily assistance that ultimately led to nursing care. Even though the nursing care was expensive, the spouse was confident their assets would hold out without impoverishing her. Unfortunately, without an asset protection plan in place the couple’s assets quickly diminished. The spouse didn’t seek help until she panicked over running out of money. Her big mistake was waiting until their resources were low. We got her husband on Medicaid within a few weeks, but if we had seen her two years earlier we could have preserved almost all of their assets while getting Medicaid, and she could have enjoyed plenty of money for the rest of her life. While a bigger crisis was avoided, waiting to get good advice cost the family hundreds of thousands of dollars.
Requiring long-term care means you need help performing activities of daily living (ADLs) such as bathing, dressing, toileting, eating, and/or taking medicine. Most people are optimistic hoping they will never need assistance; over half are wrong and will suffer 3 years as nursing facility patients. Long Term Care expense remains the biggest single financial risk for seniors. Chronic illness and injury can require long-term care services immediately and at any age. Assistance with ADLs is growing dramatically; it is 120 times more likely to occur than a car accident and 20 times more expensive on average. A long term crisis for most families requires spending the equivalent cost of your home burning to the ground with no insurance coverage.
Everyone wants to remain at home as long as possible. In fact, spouses provide the majority of assistance at home for loved ones in need of long-term care, and that has a double impact on the family. The high demands for a caregiving spouse creates stress, fatigue, and depression with its own negative health effects. Being chained to your loved one doubles the pain over time, but stress over running out of money or feeling impoverished causes fear and resentment.
The cost of long-term care services rises every year and varies based on the level of care needed; ranging on average between $44,000 and $100,000 annually. There are programs available to help pay for long-term care. Assistance programs vary based on need, income, and assets. However, Medicare and your health insurance do not cover long-term care. There are some government assistance programs, including the VA, Special Assistance, and Medicaid, that can help when you know how to navigate those programs. Many individuals can qualify for Medicaid with assistance. If your loved one requires nursing facility care, the good news is that most middle-class families can qualify for Medicaid quickly with the help of an experienced elderlaw attorney. The key is seeking help quickly. Planning in advance of D-Day provides more affordable options for long-term care; waiting until the crisis strikes to consult with your elderlaw attorney results in fewer options and greater costs but still allows solutions to preserve most of your remaining assets and resources.
If you have questions about elderlaw, asset protection or retirement planning, consider W.G. Alexander & Associates – we are experienced attorneys who offer a unique blend of asset protection, Elder Law and estate planning. You can also attend our free seminars. Learn more through our website at www.wgalaw.com, or call us at (919) 256-7000.