CAI-NJ Nov. 2018 (w)

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Planning For The Future: IRREVOCABLE ISN’T SO BAD By Heidi Friedman, Esq., Becker & Poliakoff LLP

“A fter all these years, I can’t give up….I pray to God that she goes before me, because I am not going to put her in a nursing home…” says Mike Daly, husband to Carol who was diagnosed with Alzheimer’s at age 65. 1 However, after dealing with Carol’s Alzheimer’s for 10 years, Mike had no choice, but to place Carol in a nursing home. Mike was not only dealing with the emotional toll of taking care of Carol all those years, but also the devastating financial toll it was taking on their savings. If Mike and Carol had contacted an Elder Law attorney and properly planned when they first learned of Carol’s diagnosis, perhaps Mike could have concentrated only on caring for Carol and not have had the additional worry that he might run out of money. Watching Carol and Mike’s decline both mentally and financially, emphasizes the importance of planning for the unexpected. Many people wonder what benefits are available that can assist when in need of long-term care. Unfortunately, individuals rely upon Medicare, believing it will provide some financial relief. However, Medicare is health insur-

ance for the aged and disabled, not for long-term care benefits. Long-term care benefits are paid from private money, unless one qualifies for Medicaid. Medicaid is the only government program that pays for custodial care in a skilled nursing facility. When I discuss Medicaid or nursing home care with my clients and their families, I often hear but the “government will take all our money.” This is simply untrue. However, with the astronomical cost of nursing homes, families can

run out of money very quickly. Medicaid Programs 2 can pay a significant portion of an individual’s nursing home which can lit- erally save couples, like Mike and Carol, hundreds of thousands

"Many people wonder what benefits are available that can assist when in need of long- term care."

of dollars over their lifetimes, and permit the well spouse to focus on what really matters...spending time with the sicker spouse. Even during the period in which Carol remained

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