Passing Inheritances to Future Generations
– By The Law Offices of David L. Orosz –
Having the desire to pass an inheritance to one’s children or grandchildren is not something to be ashamed of. Passing inheritances to future generations is a fundamental precept of American society. However, how to retain that estate in light of long-term illness is our focus of today’s article.
While recognizing the burden that health care costs in general place upon state and federal budgets, it is readily accepted that the indigent easily receive assistance in paying for care. Also the extremely wealthy can rely upon personal wealth/income or long-term care insurance. That leaves the “middle class” the most vulnerable, a huge segment of the population of hard-working taxpayers, to pay their own long-term medical costs until they are “broke”.
The majority of care for the elderly takes place in their home or the homes of their children. But even when there are family care givers present, care in the home is not always enough and placement may be necessary to meet the elder’s need.
Unfortunately, most people end up paying for nursing home and other long-term care out of their savings until they run out. Careful planning, whether in advance or in response to an unanticipated need for care, can help protect your estate for your spouse or for your children. Careful planning always requires the services of a licensed Florida attorney experienced in Asset preservation that may include Medicaid and VA long-term care benefits.
Stay tuned! In the following issues of Health & Wellness, we will begin a monthly discussion of Medicaid and Veteran Aid & Attendance (Pension) benefits available to chronically ill seniors in need of long-term care. Next month’s topic: Medicare v. Medicaid.
Law Offices of David L. Orosz
5237 Summerlin Commons Blvd.
Ft. Myers, FL 33907