Planning for the future of your financial and medical needs is commonly referred to as long term care planning. This process is typically very complex and people often find it advantageous to consult with an elder law attorney. Kentucky ElderLaw, located in Louisville, KY, can help you ensure that your medical and financial wishes are fulfilled. Some of the areas we can assist with are:
– Asset protection is a vital part of long term care planning. Medicaid planning permits a nursing home resident, or a potential nursing home resident, to ensure that his spouse will not be impoverished by nursing home expenses or, if single, that he retains his dignity and is able to supplement his care with his own finances. VA planning allows a qualifying veteran or surviving spouse to receive money each month to pay for care at home, in assisted living, or in the nursing home.
– Medicaid will pay for the nursing home long-term for those who qualify. It is a needs-based or entitlement program: you must meet the income and assets criteria set by the federal government and the state where you live.
– VA Benefits are benefits that many veterans and their surviving spouses may be entitled to through the Department of veterans Affairs [VA]. These benefits are available even if the veteran did not retire from the military or serve overseas and, in many cases, even if he did not suffer injuries while on duty. The two types of benefits include a monthly pension, also called Aid and Attendance, and disability compensation.
– A Durable Power of Attorney is a legal document that authorizes one person to act on behalf of another person in financial and legal matters. It is crucial to have a Power of Attorney that allows for long term care planning, and most of the documents written by non-elder law attorneys do not.
– A Health Care Surrogate (also known as a Health Care Power of Attorney) is a person who makes medical decisions for you when you can no longer communicate with your doctor. If you do not designate this person for yourself, you may be creating a stressful situation for your family.
– A Will is often the first thing people think of when they think of long term care planning as it is the document where you state who gets your belongings when you die. As you age, how you need your Will written differs from your needs when you were younger.
– A Living Will states your wishes about the use of artificial life supports to keep you alive but only when you are terminally ill with no chance of survival. Having a Living Will can save your family a lot of grief and give them the peace of mind that they are doing what you wanted as you approach the end of your life.
If you are in Louisville, KY or surrounding areas and have questions about long term care planning, give Kentucky ElderLaw, PLLC a call today to set up a consultation.