Planning for "The Golden Years"

"How will we pay for the nursing home?"

When we counsel clients on elder law, this is the most frequent question we hear. People are worried. They're worried about the high cost of long-term care for their parents and for themselves.

We are almost always asked, "Should we give our assets away so the government will pay for our care?" We say no; this is not a good plan. If people give away their assets and "put the house in the kids' name", this can cause them to be ineligible for public assistance for a potentially long period of time.

If you or your family members are planning for "The Golden Years," let us show you how to plan for long-term care. We can advise you on the nuances of Medical Assistance (Medicaid), the program that pays for certain long-term care.

We can also explain how long-term care insurance can play a role in protecting your assets so they are not all lost to the high cost of nursing home and other long-term care.

An emerging area of long-term care financing is federally-insured reverse mortgages. In the right situations, reverse mortgages are appropriate long-term financing tools. In order to be approved for a federally insured reverse mortgage, the law requires a one-hour counseling session with a HUD-approved counselor. This one hour meeting summarizes the process but does not entail legal advice. We can represent you or your family member at this meeting and throughout the entire reverse mortgage process. We will explain the legal documents, the legal process and how they affect an estate plan.

Contact us and find out how easy it is to get peace of mind today for your family's tomorrow.

Press Law Office, PLLC
Associated Bank Building
5353 Wayzata Blvd, Suite 606
St. Louis Park, MN 55416
Phone: 612.338.8927

We represent individuals, married couples, domestic partners and small business owners throughout the greater Twin Cities metropolitan area.

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