Our office is located in Albany, so we serve residents of nearby Town of Colonie, New York. This vibrant suburb has an interesting makeup, because there are two villages and a number of hamlets that are part of the municipality. It is a very historic place that was originally founded back in 1895.
There are many sites in town that are listed on the United States National Register of Historic Places. These would include Goodrich School, Ebenezer Hills, Jr. Farmhouse, Hedge Lawn, and Treemont Manor, just to name a handful.
Geographically, the town is sprawled out over nearly 58 square miles, and there are 83,000 residents, so it is quite populous. There are several beautiful parks, and there is also a golf course for residents to enjoy. As the Town of Colonie website declares, it is a great place to live, work, and play, and we are proud to be able to serve its residents.
Senior Population in Town of Colonie, NY
There is a very significant senior citizen population in Town of Colonie, and there is a looming challenge that older people should address. Once you reach the age of 67, your life expectancy is at least 85 years. When you join the ranks of the oldest old, you may require nursing home care.
While there are other underlying reasons why a senior may move into a nursing home, Alzheimer’s disease is the leading culprit. The Alzheimer’s Association tells us that four out of every 10 people that are at least 85 years old have contracted the disease.
If you work and pay taxes for at least 10 years, you will qualify for Medicare coverage when you reach the age of 65 under currently existing laws. Since this is a health insurance program that is designed to assist senior citizens, it would be logical to assume that it would pay for a stay in a nursing home. Whether it makes sense or not, Medicare does not cover the custodial care that nursing homes provide.
Reaching into your pocket to pay the bills yourself is not a very pleasant prospect when you understand the state of long-term care costs in Town of Colonie and other nearby cities. According to the New York State Department of Health, the average cost of nursing home care in our area at the time of this writing is just under $129,000 a year.
An extended stay can consume all or most of the legacy you intended to leave to your loved ones after you pass away. And of course, if you are married, the expenses could be doubled.
When you combine the longevity statistics with the Alzheimer’s data, you can see that it is very possible that you will require nursing home care toward the end of your life. As Town of Colonie area elder law attorneys, we advise clients that want to implement nursing home asset protection strategies.
Medicaid is a jointly administered federal/state government health insurance program for people with very limited financial resources. It will pay for long-term care, and a very significant percentage of nursing home residents are enrolled in the program. Many of them were not financially needy throughout their lives.
To develop the financial profile that will allow for Medicaid eligibility, you can give gifts to your loved ones before you apply for coverage. However, there is a five-year look back period, so the divestitures must be completed at least five years before you submit your application. This is why careful, informed planning is so very important.
Schedule a Consultation Today!
If you are a resident of Town of Colonie, our doors are open if you would like to discuss nursing home asset protection and estate planning with one of our attorneys. You can call us right now at 518-389-6020 to schedule a consultation, and there is a contact form on this website that you can use to send us a message.