We proudly serve all of Macomb County, so our doors are always open to residents of Warren, Michigan. This is the most populous city in the county with over 130,000 residents, and it is a fantastic place to traverse a career path. There are many major employers in town, and General Motors is at the top of the list.
This community has a unique charm all its own, but everything that the larger metropolitan area has to offer is within easy reach. Our firm has assisted many locals over the years, and we look forward to making many new friends in the future. If you are located downtown, in the East Detroit neighborhood, Fitzgerald, Lorraine, or any other part of Warren, Michigan, estate planning assistance will always be just a phone call away.
Rapidly Growing Senior Population
During the years between 1946 and 1964, an unprecedented number of babies were born, and this phenomenon has been dubbed the “baby boom.” If you do the math, you can see that these individuals are now attaining senior citizen status. This is a powerful demographic trend, and up to 15,000 people are applying for Social Security each and every day.
Just over 17% of folks that reside in Warren, Michigan are 65 years of age and older. This is a few ticks higher than the national average, and as elder law attorneys, we assist people in this group that are concerned about the eventualities of aging.
The most significant problem that is facing the senior population today is the matter of long-term care and the costs that go along with it. Unfortunately, many people assume that Medicare will cover all their health care needs when they are old enough to obtain coverage. In fact, this program will not pay for a stay in a nursing home or assisted living community.
This void is a very big problem, because these facilities are extremely expensive. In Warren, Michigan, you can expect to pay somewhere in the vicinity of $100,000 for a year receiving nursing home care. These figures are continually rising, so if you need long term care in 20 or 30 years, the price will probably be absolutely exorbitant.
When you are considering the impact of long term care costs, if you are married, you can double them. Clearly, unless you are extremely wealthy, nursing homes could absorb everything that you have always wanted to leave to your loved ones after you are gone.
Nursing Home Asset Protection
Medicaid is another government program that will pay for long term care if you can gain eligibility. This is easier said than done, because there are low income and asset limits. However, if you divest yourself of assets in the right way at the right time, you can obtain coverage to pay for a stay in a Warren area nursing home. This is an area of expertise for our practice.
Estate Planning Is a Must
If you do not have an estate plan in place as a resident of Warren, Michigan, action is required. Even if you are a relatively young adult, you should execute the appropriate estate planning documents, and this is especially true if you are the parent of dependent children. Personalized attention is key, because each case is different, and this is exactly what you will receive when you choose our firm.
Schedule a Consultation Today!
We would be more than glad to help if you would like to discuss nursing home asset protection and/or estate planning with one of our licensed attorneys. You can send us a message to request a consultation appointment if you would prefer to get in touch electronically.
And of course, we would be glad to answer any questions they may have on the phone, and we can be reached at 586-493-7661.