NYC ELDER LAW ATTORNEY
Morgan Legal Group PC
How We
Can Help
With the population of the United States consisting of more and more older adults, it’s important for them as well as their family members to think of what the future may hold regarding long-term care. However, many people put off this topic until the last minute, and that can lead to unfortunate results. In many cases, the elderly individual’s wishes may not be carried out to their satisfaction, and they may not have the financial arrangements in place that allow them to have the proper care they require later in life. To keep these situations from happening, many families now seek out the services of attorneys who specialize in elder law. If you or a family member are in need of these services, contacting a New York City elder law attorney may be necessary.
REASONS TO HIRE AN ELDER LAW ATTORNEY
To ensure all goes well later in life, there are several important reasons to retain the services of an elder law attorney. For example, if you are concerned about your current long-term care plan, or have yet to construct a plan, an elder law attorney can advise you on the various options. In addition to this, an attorney can also help lay out a plan to make sure your wishes are carried out if you become disabled or incapacitated later on, and helps you decide who will be in charge of your care if you are unable to care for yourself.
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Morgan Legal Group PC
PRACTICE AREAS
WILLS AND TRUSTS
WILLS AND TRUSTS
It is never too early to make out a will. The thought of dying is not one that most people wish to dwell on....
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MEDICAID PLANNING
MEDICAID PLANNING
For many people, thinking about long-term care is a topic that is often put off as long as possible. However, in doing so, they are setting....
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ASSET PROTECTION
ASSET PROTECTION
You work hard in life, and you accumulate specific assets as a result. Perhaps you have a home...
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PROBATE
PROBATE
If you need an attorney to help you with probate issues during difficult times of grief in New York City, Morgan Law Group PC can help you...
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ESTATE PLANNING
ESTATE PLANNING
Mortality is a grim but stubborn fact of human life. You cannot live forever, and it is important...
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BUSINESS PLANNING
BUSINESS PLANNING
You pour your life into starting, growing and managing your business. As you work hard to keep your business driving in the right direction, it can be easy to lose sight of the long term...
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ELDER LAW
ELDER LAW
With the population of the United States consisting of more and more older adults, it’s important...
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GUARDIANSHIP
GUARDIANSHIP
Guardianship is a serious matter. When you ask the court for rule over another person, you are mostly taking on the challenge of overseeing their life...
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LONG-TERM CARE COSTS
Along with putting off planning ahead for long-term care, many people have little if any idea how much long-term care can cost. Unfortunately, it can be quite expensive. For example, living in a nursing home in New York can cost as much as $14,000 per month, while assisted-living facilities can cost up to $5,000 per month. If a person has not planned ahead for these costs, they will need to be paid out of a person’s savings, which for many families is simply not possible. Because of these potential scenarios, it’s imperative to work with a New York City elder law attorney to have a solid financial plan in place well ahead of these circumstances.
POOLED INCOME TRUST
For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits.
Morgan Legal group PC
PROTECTING ASSETS FROM NURSING HOME BILLS
When a person has to move into a nursing home, they are required to divest themselves of their assets in order to pay for their care. However, by placing their assets into an Irrevocable Trust, the assets can be protected from high nursing home bills. However, it’s important to remember that this type of transfer must be done at least five years before a person goes into a nursing home. While thinking about the difficulties one may face as they age is difficult, failing to do so can lead to financial problems that can devastate an entire family. Rather than allow this to happen, it’s best to contact a New York City Elder Law attorney as early as possible to make arrangements that will be satisfactory to everyone involved. By doing so, a family can gain peace of mind, knowing their financial and long-term care needs will be met.