Robert L. Lambert, Jr., Valdosta Today Legal Contributor
If I only had a nickel for every time I get this question. The key to the answer lies in advanced planning. While it is rare for me to come across any person who looks forward to living their final days in a Nursing Home, most of us will end up there eventually if we fail to properly plan in advance for age related disability. So what can we do to plan? The options can be many: Long Term Care Insurance; Life Care Planning to stay at home; Assisted Living and more.
First and foremost consult with an Elder Law attorney while you are in your 50’s and early 60’s. One has the greatest number of options with planning done before age 65. But even after age 65, a lot of options are still available for seniors especially if they do not anticipate disability and diminished capacity onset for the next 5 or more years. At the middle aged years, long term care insurance can still be affordable to offset assisted living or nursing home care. However, since less than 10% of all Georgians have long term care insurance, most people will have to cross the Medicaid bridge at some point since Medicare does NOT pay for institutional care. Most people are unaware that assisted living care (which is not covered by Medicaid) can be more affordable than private pay nursing home care. With property financial planning, funds can be allocated according to a well planned course of action. Here at our Elder Law firm, we work with a variety of professionals: financial planners, bankers, accountants, care managers, home health providers as well as nursing home and assisted living facilities to help you choose the best option for you and your loved ones.
Bob Lambert is an Elder Law and Estate Planning Attorney who has practiced law in Valdosta for 25 years. His practice is focused mostly toward those Seniors who are 50 years of age and older where there is a need for advanced long term care planning. He utilizes a holistic approach which brings financial planners, home health care, assisted living and nursing home professionals and other experts together for comprehensive life care planning with the goal Medicaid eligibility when needed, asset protection and reallocation combined with traditional estate planning wealth transfer strategies.
An Alabama native raised in Texas, he received his B.A. degree from the University of Texas at Austin with a degree in Government and English, and his Juris Doctorate degree from the University of Mississippi where he graduated 4th in his class. He is a member of both the Georgia Bar and the Texas Bar; a member of the Elder law section of the State Bar of Georgia; and a member of the National Academy of Elder Law Attorneys including the Trust and Medicaid planning sections.
He regularly and eagerly provides complimentary seminars to civic groups, churches and other organizations on long term care planning and Medicaid eligibility. His primary focus is to help all seniors 50 years of age and older understand the necessity and importance, and implement , advance planning to preserve assets for enhanced quality of life in advanced age. More information can be found at his website where you subscribe to his weekly blogs on Elder law and estate planning issues at www.legaladviceforseniors.com.
