Extended nursing facility stays can rapidly deplete an individual or married couple’s assets. Based on a recent study by MetLife the national average cost of a private room in a nursing home is $212 per day or $77,380 per year. With the average nursing home stay at 3 years, the costs can be devastating. A number of government programs exist that can minimize the financial hardship incurred from a long-term stay in a nursing facility. The lawyers in our practice group at Carlile Patchen and Murphy have extensive experience in helping aging clients (or our clients’ aging parents) with structuring a plan that lessens the overall cost of long-term care, ensures a high quality of life for the individual residing at a nursing facility, and preserves a legacy for future generations.
Special Needs Planning
Families with a disabled child require tailored planning which fits that child’s specific needs and provides the parents peace of mind that their child will continue to have an elevated quality of life after the parents pass away. Special needs planning often involves the use of specially drafted trusts which permit a disabled child to continue to receive governmental benefits while also allowing that child to receive an inheritance. With a proper plan in place parents of disabled children can avoid the dilemma of having to disinherit a child to maintain that child’s eligibility for assistance. Our lawyers have helped many families with this delicate and important planning matter.
Our lawyers often assist families in seeking the appointment of a guardian in Probate Court when necessary, as well as with the ongoing administration of the ward’s estate. Mentally or physically incapacitated adults, as well as minors who inherit funds or who lost a parent may also need a guardian.
Health Care Powers of Attorney and Living Wills
These documents have become standard in the health care industry to authorized someone to make medical and end of life decisions for you when you are unable to do so yourself. We provide these documents free of charge to our clients and assist them in properly filling them out.
Durable Financial Powers of Attorney
A Financial Power of Attorney appointing someone as your agent to transact any business (personal or commercial) or perform any legal act that you could do, can in most circumstances avoid the appointment of a Guardian for you if you become incapacitated. In Ohio broad powers can be granted to your agent, and many “off the shelf” forms provide all of them and leave it up to you to appreciate their significance. Our lawyers counsel you as to which powers to use, and which to avoid, tailored specifically to your circumstances.
Social Security Planning
Navigating the maze of choices available to individuals and married couples when choosing when and how to begin taking their Social Security benefits has become more challenging than many people can handle on their own. Our experienced lawyers, employing sophisticated computer software, can assist you in making just the right choice of whose benefits should be elected to commence when. The difference in amount of benefits expected to be received during your lifetime between the “best” and “worst” likely scenarios can be significant. We want to help you maximize this benefit you have paid into all your working life.