Davenport, FL Nursing Home Planning
Your retirement years are some of the best times of your life, but you may reach the point where you no longer want the responsibility of caring for a home or are unable to adequately care for yourself. In either of these cases, a nursing home can be an attractive option, providing you with ongoing care when you need it most. However, there is more that goes into nursing home planning than just moving in; you'll need to take the proper steps to ensure your finances are protected.
Choosing a Nursing Home
For starters, you'll need to figure out how much you can reasonably afford to pay for a nursing home. You may be able to use government benefits to help cover the costs. Medicaid nursing homes are designed for those who have little to no retirement savings and need to live off government funding. A Medicare nursing home, on the other hand, is available to anyone who uses Medicare for their medical expenses, which includes everyone over the age of 65.
Protecting Your Assets
If you own your current home, you may wish to sell it before moving into a nursing home if you don't plan to leave it to your heirs. It is a good idea to protect this influx of cash with a Last Will and Testament. This will notify your heirs how you would like your assets to be divided up after your death and will prevent any fighting among your children and other beneficiaries.
Communicating Your Wishes
Finally, as you age, there may come a time when you can no longer make competent decisions regarding your affairs and medical care. A Power of Attorney is a person you name to make these types of decisions for you when you cannot do it yourself. Be sure to choose someone you trust to act according to your wishes.
At Family Elder Law, we have helped many seniors in Davenport, FL and the surrounding areas with nursing home planning, and we can help you too. We invite you to get in touch with us today to learn more about our legal services for senior citizens.