Torrance Elder Care Lawyers
How can you protect your assets in the event of expensive nursing home care? The California Law Office of Cynthia R. Pollock provides estate planning assistance to seniors in Torrance and throughout Los Angeles County. A certified elder law attorney, Ms. Pollock can offer retirement and estate planning solutions which can protect your assets.
Methods of protection
Most people do not have the assets to cover the entirety of nursing home costs. Therefore, planning is essential. Having the help of an experienced elder law attorney in Torrance, CA is vital. Chances are that Medicaid coverage and eligibility may be necessary to cover the eventual costs of nursing home care, while also protecting your assets. Aside from Medicaid, other methods of coverage and protection include:
- Long term care insurance. This type of policy provides a fixed daily dollar amount for a predetermined period of time. Such a policy may be used to pay the entire cost of care or supplement your own funds. A policy that pays benefits for at least three years may provide enough time to transfer assets and make other arrangements within the Medicaid look-back period. A five-year policy may allow for an irrevocable trust establishment to protect your estate.
- Reverse mortgages. With a reverse mortgage, you receive payments rather than make them. To qualify, typically, you must be at least 62 years old and have a low or no outstanding mortgage balance and you must own and live in your home. Elder law lawyers in Torrance can advise you if a reverse mortgage is appropriate in your circumstances.
- Durable power of attorney. A durable power of attorney names a person to act on your behalf if you become incapacitated. Knowledgeable elder law lawyers in Torrance can assist you in drafting an effective durable power of attorney.
- Home preservation trust. If spouses own a home jointly, transferring the home to the sole name of the healthy spouse through a trust may protect that asset. An experienced Torrance elder care attorney can provide advice on the protections such a transfer may offer.
Make planning a priority
Planning ahead with the help of elder care lawyers in Torrance can help protect your assets and ensure you receive the care you need later in life. Contact the Law Office of Cynthia R. Pollock online or call 877-849-8916 to discuss your circumstances.