Planning for the future is no easy task. Many New Yorkers are so busy that they are lucky to plan as much as a week in advance, let alone years or decades. Yet, failing to engage in proper planning can result in significant financial hardship down the road, not only for an individual but also for his or her family. While estate planning is certainly a key aspect of this endeavor, so, too, is care planning.
As we discussed in a recent post, about 70 percent of Americans will need some type of long-term care. This may include intermittent hospital stays, home healthcare professionals and extended nursing home placement. The costs can be astounding. Individuals can quickly rack up thousands, even tens of thousands of dollars in care-related costs in just a single year. For too many individuals, this financial burden is more than they can handle, leaving families on the brink of financial ruin.
At Enea Scanlan & Sirignano, LLP, our attorneys do everything in our power to help New York families avoid these harsh possibilities. By diligently working with our clients to identify their needs, desires and financial resources, we competently assist them in creating a care plan that eases or eliminates the financial burden that may be thrust upon them in the event that they need long-term care.
Far too many New Yorkers make the mistake of thinking that Medicare will cover all of their long-term care needs. While this program may provide some relief, in many instance it doesn't go far enough. At our firm, our attorneys know how to identify other options to help individuals come up with a comprehensive care plan. Although the resources pooled under this plan may not be needed until far into the future, it is wise to prepare now before it is too late.