For many clients, estate planning alone is simply not enough. All of the best laid estate plans lose their value if the person who made them is going to run through all of their resources in the waning years of their life due to illness or disability.
Making a plan for disability can be just as important as making a plan for death. Nearly 40% of Americans over 65 suffer from at least one disability, according to a report by the U.S. Census Bureau. The financial burdens of this care can be staggering.
This is why Chaves Perlowitz Luftig LLP specializes in both elder law and estate planning. We have the expertise to make a plan for clients’ assets at death and just as importantly, to protect those assets during our clients’ lives.
No one wants to go broke because they get sick. Yet, most of us have heard horror stories about people losing their homes and savings to the cost of long-term care. The average cost of a nursing home in the greater NYC region is $400/day, with many exceeding $15,000.00 each month. If someone is paying out of pocket, it means they are draining their resources at a rate of more than $150,000 annually. Meanwhile, the cost of at-home care from skilled aides can cost in excess of $20/hour, placing a similar financial strain on those in need.