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 are asked. 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
up to 61 months.
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
Park Place East
5775 Wayzata Boulevard Suite 700
St. Louis Park, MN 55416
Contact Attorney Steven M. Press at
612.338.8927 or 952.525.2297
Contact Attorney Jody A. Cohen Press at 952.525.2298
We represent individuals, married couples, domestic partners and small business owners
throughout the greater Twin Cities metropolitan area.