Our doors are open if you need estate planning assistance as an Eastpointe, Michigan resident. We go the extra mile to exceed the expectations of our neighbors in this area, and we take our responsibility to the community seriously. When you choose The Elder and Disability Law Firm, you will be treated the way that we like to be treated when we engage professional assistance.
The Gateway to Macomb County
Eastpointe is definitely a fantastic place to call home. It has its own unique identity as a vibrant city with over 35,000 residents, and everything that a large Metropolitan area has to offer is within easy reach.
There are some much awaited annual events that take place during the summer months. The Eastpointe Cruisin’ Gratiot is a week-long celebration of local automotive history. Given the fact that it is a bedroom community of the Motor City, this is a very meaningful celebration with daily car shows and other attractions. Summer Fest is quite popular as well, and the Erin-Halfway Days Living History Festival takes place every July.
Nursing Home Asset Protection for Eastpointe Senior Citizens
According to the United States Census Bureau, 10.7 percent of Eastpointe residents were 65 years of age or older when the last census was taken. The United States Department of Health and Human Services has stated that seven out of every 10 people that obtain senior citizen status will someday need help with their activities of daily living.
Once you reach the age of 67, it is likely that you will live into your mid-80s and perhaps beyond. Approximately 40 percent of people that are at least 85 years old have contracted Alzheimer’s disease. A significant percentage of Alzheimer’s sufferers will ultimately reside in nursing homes, and of course, some people require nursing home care for other reasons.
When you combine all these numbers, you can see that it is quite possible that you may need nursing home care at some point in time. As Eastpointe, Michigan elder law attorneys, we often educate people about this subject, because there are significant financial ramifications.
Though the Medicare program will provide a solid health care insurance underpinning when you become eligible, there is an enormous gap in the coverage. The type of care that you would receive in a nursing home is considered to be custodial care, and Medicare does not cover this form of care.
In and around Eastpointe, you can expect to pay somewhere in the vicinity of $100,000 a year for nursing home care. There are those that reside in nursing homes for multiple years, and married couples must consider the possibility of incurring two different rounds of nursing home expenses.
We have painted a rather grim picture, but there is a light at the end of the tunnel. If you work with an elder law attorney from our firm, you can develop a plan that leads to Medicaid eligibility. This government health insurance program will pay for long-term care if you can qualify.
The reason why professional guidance is so important is because there is a low asset threshold of just $2000, because Medicaid is a program is intended for people with limited resources. You can give gifts to your loved ones, but advance planning is key, because you have to complete the gift giving at least five years before you apply to obtain immediate eligibility.
The Importance of Planning
Estate planning should be looked upon as one of the core responsibilities of adulthood. Unfortunately, statistics indicate that the majority of adults do not have last wills or any other estate planning documents. If you are going through life without an estate plan, action is required, even if you are relatively young, especially if you have children.
There are a number of different ways to facilitate postmortem asset transfers. The best choice will depend upon the circumstances. In addition to the financial part of the equation, a comprehensive estate plan will also address potential incapacity. You can empower people that you trust to handle your financial and medical decision-making in the event of your incapacitation if you take the right steps.
Schedule a Free Consultation!
If you are a resident of Eastpointe, Michigan, an estate planning attorney from our firm can help you create a custom crafted plan that protects the people that you love the most. We offer free consultations, and you can send us a message to request an appointment or give us a call at 586-493-7661.