${site.data.firmName}${SEMFirmNameAlt} - CPAs and  Attorneys

Free Initial Consultation | Se Habla Español

800-569-2663

Bedford (Fort Worth) 817-545-3425 toll free 800-569-2663

Austin 800-569-2663 Addison (Dallas) 972-685-5202

Estate Planning Professionals Providing Peace of MindCPAs and Attorneys

Long-term care planning requires careful coordination

One key to effectively planning for long-term care is to coordinate the available benefits from government programs with other estate planning tools. Unfortunately, though, coordinating in this way can be complicated, and many people wait too late to begin planning for their long-term care.

Consider that since 2009 long-term care insurance premiums have increased by 80 percent in Texas. On top of that, it is estimated that a mere 10 percent of people older than 50 even have insurance for their long-term care, and one-third of that 10 percent have their policies through their employers. In other words, many elders and their families will need creative solutions in order to protect estate assets and keep important benefits such as Medicaid and veterans' assistance.

Often, when senior citizens don't have long-term care insurance, families look to Medicare to cover the cost of in-home care. But to receive Medicare coverage, a person has to be recovering from a hospital stay or some other injury or illness that requires a doctor's supervision. Custodial care, such as helping a person bathe and dress, is generally not covered under Medicare. This can come as a shock to families who haven't looked into their full range of options.

What often happens is that family members end up providing in-home care, and this can become overwhelming, given other pressures in life, such as careers and raising children. Families sometimes spend their elderly loved ones' savings to cover custodial care, and once those funds are exhausted, the family resorts to Medicaid.

It is possible, however, to protect estate assets and continue receiving benefits such as Medicaid, Supplemental Security Income or veterans' aid. An estate planning attorney can help Texas families coordinate these programs with tools designed to protect assets.

In many cases, the key is to start planning now.

Source: The Dallas Morning News, "No solution yet in sight for long-term care costs," Jim Landers, Sept. 23, 2013

No Comments

Leave a comment
Comment Information

Our Office Locations

The Livens Law Firm
2516 Harwood Road
Bedford (Fort Worth), TX 76021
Phone: 817-545-3425
Toll Free: 800-569-2663
Fax: 817-545-9847
Map and Directions

Austin Office
3 Lakeway Centre Court
Suite 120
Austin, TX 78734
Phone: 800-569-2663
Fax: 888-545-9847
Map and Directions

Addison Office
14135 Midway Rd.
Suite G-250
Addison, TX 75001
Phone: 972-685-5202
Fax: 972-685-5206
Map and Directions

Free Initial Consultation | Se Habla Español

Member Wealth Counsel Elder Counsel Your success our commitment Excellence in elder law and  special needs Member NAELA National Academy of elder law Attorneys Inc. Member ASNP Academy of special needs planners members