New York, NY (PRWEB) June 13, 2012
New York Elder Law attorney David Cutner says that many seniors and disabled persons are being financially ruined by the costs of health care and long-term care. They are forced to “spend down” their life’s savings, property, and income at alarming rates, and often don’t know where to turn. In better economic times, other family members or charities might have been able to help, but now they often have financial issues of their own.
The elderly or disabled whose physical or mental decline has reached a point where they need to have an aide at home, or to move into an assisted living facility or a nursing home, are truly at a crossroads. The wrong decision could spell financial disaster.
In New York City and adjacent counties, current rates for home care are approximately $22 to $25 per hour (about $7,000 per month for 10 x 7 care). Assisted living, depending on the facility and the size of the apartment and amenities, also costs thousands of dollars per month. Nursing home private pay rates continue to escalate, and are now frequently in the $15,000 per month range. Almost anyone forced to pay these kinds of costs is likely to become impoverished. Children and other family members who want to help, but realistically can’t do much, may be overwhelmed or overcome with guilt.
Among all of the states, the New York State Medicaid Program stands out as the most generous and most concerned for the care of the elderly and disabled. Unfortunately, many seniors and their families are not aware of their rights and their options, or they are misinformed or confused. Oftentimes, friends or unqualified professionals tell them that they won’t be eligible for benefits, or provide inaccurate information about how to apply.
David Cutner says, “Many of our clients have been astonished that benefits are available to them, without sacrificing their savings, investments, or income. Even those with valuable homes, and substantial savings and investments, can qualify when the right approach is taken.”
“You owe it to yourself and your family to at least be properly informed. Whether and when to take action are personal decisions, but you don’t want to be one of those people who spends down their assets needlessly without knowing that good solutions are available. Your quality of life may be at stake, as well as the welfare of your spouse and other family members,” says Cutner.
Lamson & Cutner has just released The Elder Law Crash Course, a concise and fast-reading discussion of Master Strategies to obtain the health care that you need, and save your money, property, and income at the same time. This report can be downloaded for free at Lamson & Cutner’s website, click here, or you can obtain a print copy for free by contacting the firm by telephone ((212) 447-8690 or toll-free 1 (855) 898-1919) or email (firstname.lastname@example.org).
The Elder Law Crash Course joins Lamson & Cutner’s series of Special Reports and other publications that includes the New Updated Second Edition of its popular and informative 25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs. The 25 Strategies report provides an in-depth and detailed discussion of the proven strategies that are described in a more succinct fashion in The Elder Law Crash Course. This Special Report is also available for free.
Another of Lamson & Cutner’s reports is The Top Ten Elder Law Strategies for Alzheimer’s Patients & Their Families. The report is sub-titled: “10 Absolutely Essential Principles for Preserving Quality-of-Life When Dealing with a Medical Diagnosis of Dementia.” This Special Report is also available for free.
Here are a few excerpts from The Elder Law Crash Course:
7 – Medicaid and Medicare are different. Medicaid is medical insurance provided by the federal government to almost everyone 65 and over. Significantly, Medicare does not cover long-term care. Medicaid is a joint federal, state, and local medical and health program for those who are financially eligible. Benefits include long-term care at home, in an assisted living facility, or in a nursing home. Don’t confuse one program with the other.
8 – Use proven asset protection strategies. There are proven planning strategies that have demonstrated their reliability over the years. Your Elder Law attorney will explain them to you. Stick with those. “Cutting edge” strategies can be risky, and need to be evaluated very carefully relative to the results they might deliver. A conservative approach is generally best.
9 – A spouse can’t just say no. There is a tactic called “spousal refusal,” which frequently has an important place in Elder Law planning. However, there’s a common misconception that the “well spouse” can protect the couple’s assets, simply by refusing financial support of the spouse who is applying for Medicaid benefits. Sorry, spousal refusal won’t get you off the hook, unless you have only a modest amount of assets to begin with. Otherwise, you’ll need something more sophisticated. Your Elder Law attorney will have some helpful ideas.
For your free copy of The Elder Law Crash Course, the New Updated Second Edition of Lamson & Cutner’s 25 Strategies Special Report, or its Alzheimer’s Special Report, call the firm at (212) 447-8690, or toll free at 1 (855) 898-1919.
ATTORNEY ADVERTISING. Prior results obtained by the firm do not guarantee a similar result in future cases.
David Cutner is available for interviews. For more information, call (212) 447-8690, or E-Mail inquire (at) lamson-cutner (dot) com