How to Help Your Elderly Parents with Asset Protection

Many Connecticut residents have elderly parents who could need long-term care sooner rather than later. Although it can be difficult for older adults to discuss financial issues and the prospect of long-term care with their adult children, this is nonetheless an extremely important topic to address. Even if your elderly parents are reluctant to speak about asset protection and Medicaid planning, the sooner you can help them to address key issues, the better off they can be in the future. Sometimes it might seem like this type of conversation can wait, especially if your aging parents are still active and in good health. Yet it is critical to remember that injuries and illnesses can happen suddenly, and it may not be possible to accurately predict the need for long-term care based on present circumstances.

The best way to help your parents ensure that their savings and the assets they have will last is to work with an estate planning and elder law attorney who can assist them with all aspects of asset protection and Medicaid planning. But in the meantime, the following are some issues you should consider if you want to help your parents to age with the care they need without having to worry about losing their savings.

Address Medicaid and the Likelihood of Long-Term Care Needs 

Nobody wants to think that they will need long-term care as they age, yet the data suggests that a large percentage of older adults will in fact require some length of stay in a long-term care facility, and they will need to rely on Medicaid to cover the costs. It will be important to talk with your elderly parents about just how common it is to need long-term care, and thus how critical it is to plan ahead for it in the event the need does arise. According to statistics from the US Department of Health and Human Services, as many as 70 percent of older adults will need some form of long-term care at some point during their lifetimes. About one-quarter of older adults who require long-term care require that care for more than two years.

Discuss Medicaid Planning and Asset Protection Strategies 

Your elderly parents should understand that they will likely need to consider asset protection strategies to avoid having to spend down their savings to qualify for Medicare under Title XIX. There are various asset protection strategies that a lawyer can assist with, from choosing an appropriate long-term care insurance policy to establishing a Medicaid asset protection trust.

Seek Advice from an Elder Law and Estate Planning Lawyer in Connecticut 

To ensure that your aging parents have planned adequately for potential long-term care needs while protecting their savings, it is essential to work with an experienced elder law and estate planning lawyer in Connecticut who routinely helps older adults with these issues. There are various tools for Medicaid planning and asset protection, including trusts and long-term care insurance.

Contact a Canton, Connecticut Elder Law Attorney 

If you have parents who may soon need to consider options for long-term care, it is critical to begin thinking about asset protection and Medicaid planning as soon as possible. An experienced Connecticut elder law attorney at the Law Office of Brian S. Karpe can speak with you today about options. Contact us to learn more about how we can assist you or your elderly parents with various aspects of asset protection and estate planning.

Sources:

portal.ct.gov/dds/-/media/dds/factsheets/medicaid_title_19_fact_sheet.pdf

aspe.hhs.gov/reports/what-lifetime-risk-needing-receiving-long-term-services-supports-0