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Clearwater Estate Planning & Probate Attorney > Clearwater Long-Term Care Financing Lawyer

Clearwater Long-Term Care Financing Lawyer

It is no secret that Florida has a significantly older population than most other parts of the United States. And as that elderly population continues to grow, they have justified concerns about how they will afford to live if and when the need comes for long-term care. Whether we are talking about a nursing home or even in-home assistance, long-term care can cost hundreds of thousands of dollars per year, a sum that most Pinellas County residents can never hope to save for during their lifetimes.

It is therefore critical that you start thinking about long-term care financing now, before you find yourself in a situation where you suddenly require assistance but have no plan to pay for it. An experienced Clearwater long-term care financing lawyer can sit down with you and explain your options for such planning. Attorney William Rambaum is a Florida Bar Board Certified Elder Law Specialist with over 35 years of experience helping clients understand subjects such as applying for Medicaid, asset protection, and other legal strategies that can ensure you are able to access the long-term care you need in the future.

The Challenges in Planning for Long-Term Care in Florida

When we are younger and in good health, thinking about long-term care may not seem like a priority. But consider the typical Florida nursing home can cost between $10,000 and $12,000 per month in today’s prices. Even alternatives such as home health care or assisted living can still represent thousands of dollars per month.

For many Clearwater residents, Medicaid is often their best option when it comes to paying for nursing home care. But Medicaid is a means-tested program designed to help low-income seniors. This means that to qualify for Medicaid you cannot exceed certain income or asset limits. And simply giving away your assets to family members at the last minute will not let you get around these requirements.

Successful long-term planning often requires a multi-prong strategy, which may include the following:

  • assessing your available financial resources and creating funds to pay for long-term care;
  • transferring assets to an irrevocable trust that does not run afoul of Medicaid restrictions;
  • purchasing additional insurance financial products, such as annuities with long-term care riders, which can help you pay for long-term care not covered by Medicaid, Medicare, or other health insurance; and
  • making sure your estate plan is up to date and includes a power of attorney, appointment of preneed guardian, and advance directives for health care.

Contact Clearwater Long Term Financing Lawyer William Rambaum Today

Planning for long-term care is a process. It is not something you will figure out overnight, and it is not something you should try and take care of on your own. A qualified Clearwater long-term care lawyer can sit down with you and assess your current and likely future financial situation and then develop a strategy that meets your needs while not destroying the wealth you have spent a lifetime building. Call our office today at 727-781-5357 to schedule an appointment.

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