Since we have an office in Albany, we are just a short drive away from Saratoga Springs. This historic place is really something special, and locals have always been aware of the benefits. Now, national observers have recognized the city’s treasures, and it is making lists that rate the best places to live in New York.
Saratoga Springs is physically beautiful. The name comes from the mineral springs that have been attracting visitors for generations. It is also well known as the home of Saratoga Race Course, which is one of the most highly regarded thoroughbred tracks in the world. There is a top quality meet that spans six weeks at the end of the summer, and the ultimate race is the Travers Stakes.
We enjoy the spare time that we spend in town and our firm has developed relationships with many locals over the years. If you develop a solid plan for aging that culminates in the optimal passing of your legacy, you can enjoy life in this beautiful city with total peace of mind.
When you are looking ahead toward your retirement years, it is important to consider expenses that you may incur toward the end of your life. These are not the most pleasant eventualities to contemplate, but you and your family will probably be glad that you addressed them in advance.
The majority of people that are fortunate enough to attain senior citizen status will eventually need help with their activities of daily living. If you become unable to handle all of your own day-to-day responsibilities, at first, family members and friends may be able to provide the assistance that you need in your own home. This being stated, many elders ultimately require nursing home care.
If you work and pay taxes for at least 10 years, you will qualify for Medicare when you reach the age of 65 under currently existing laws. Since this program is meant to address the needs of seniors, most of whom will need long-term care, you would think that Medicare will pay for it. Many would say that it does not make sense, but in fact, Medicare will not pay for custodial care.
This unpleasant reality intertwines with the subject of estate planning, because everything that you intended to leave to your loved ones could be spent on nursing home costs. In the Saratoga Springs area, you can expect to pay well over $100,000 per year for a private room in a nursing home, and we have been seeing an upward spiral year by year. Plus, if you are married, your family may face two different rounds of nursing home expenses.
Fortunately, there is a widely embraced solution. Medicaid is another government health insurance program that does pay for long-term care. Since it is only available to people with limited resources, you have to divest yourself of assets to gain eligibility, and it is a complicated process.
We are not going to get into all of the details here, but there are intricate rules with regard to income, countable resources, and the rights of a healthy spouse. You also have to complete the gift giving at least five years before you apply for Medicaid to obtain immediate eligibility.
There are strategies that can be implemented, and this is the area of specialization for elder law attorneys. The ideal course of action will depend upon the circumstances, and this is why personalized attention is key. This being stated, if you take the right steps at the right times, you can remain comfortable financially as you prepare yourself for a possible stay a nursing home.
Schedule a Consultation Today!
Our doors are open if you would like to schedule an estate planning consultation as a Saratoga Springs, New York resident. We have a contact form on this website that you can use to send us a message, and if you would like to set up an appointment over the phone, we can be reached at 518-389-6020.