Avoid Costly Mistakes in Long-Term Care Planning in Staten Island

It’s natural to put off difficult conversations and decisions. But stalling on long-term care planning until a medical crisis forces immediate action can limit your options and result in rushed decisions and costly measures. For instance, scrambling to secure nursing home placement after a hospitalization can lead to subpar care arrangements and depleted savings.

How to Avoid It: Begin this important planning process well in advance; ideally, you should start years or even decades before care is needed. Early preparation allows you to explore your options, develop strategies for asset protection, and meet critical Medicaid requirements, such as its five-year look-back period for asset transfers.

Mistake 2: Not Fully Understanding Medicaid Eligibility

Understanding how Medicaid works is difficult for most families in New York and throughout the country. For example, there is a common misconception among Staten Island residents that they must spend all their assets before qualifying for benefits. These misunderstandings can lead to unnecessary financial stress and delayed access to the care your loved ones need.

How to Avoid It: Medicaid has complex eligibility rules that don’t have to be navigated alone. Our firm specializes in Medicaid planning tailored to Staten Island families, ensuring your ability to secure benefits while protecting your assets.

Mistake 3: Overlooking Powers of Attorney

When a loved one becomes incapacitated, families often face significant challenges if powers of attorney are not already prepared and put in place. Without these essential legal documents, making medical or financial decisions on behalf of an incapacitated loved one may require lengthy court proceedings. Proceedings that will cost time and resources most families cannot spare, especially during a crisis.

How to Avoid It: A comprehensive estate plan can and should include designated powers of attorney for both health and financial matters. Advance directives can also clarify your loved one’s wishes and prevent familial conflict during difficult times.

Mistake 4: Underestimating the Cost of Long-Term Care

Many families underestimate just how expensive long-term care can be in Staten Island. For instance, nursing home care often exceeds $100,000 annually, and even in-home care can quickly deplete a family’s savings. Without proactive planning, these costs can endanger your financial stability, wealth, and legacy.

How to Avoid It: Consider all financial tools available, such as long-term care insurance and Medicaid Asset Protection Trusts (MAPTs), which help secure Medicaid eligibility while protecting your resources. Such thoughtful estate planning removes the fear of financial insecurity while ensuring that your family’s needs are met.

Mistake 5: Forgetting the Needs of the Community Spouse

When one spouse requires long-term care, it’s crucial to also consider the financial stability of the remaining spouse, often referred to as the “community spouse.” Many families incorrectly believe they must spend down all joint assets, leaving the community spouse vulnerable.

How to Avoid It: Medicaid includes specific protections for community spouses, allowing them to keep a portion of the couple’s assets without affecting eligibility. Working with an elder law attorney ensures these protections are properly applied so your loved one can remain financially secure.

Avoiding these common mistakes when planning for long-term care requires careful navigation, compassionate guidance, and tailored strategies. Estate planning attorney Joanne Schlenk McAvey brings over 30 years of experience helping Staten Island families preserve their financial resources while securing quality care.

Whether she is planning for Medicaid eligibility, developing estate plans, or assisting with legal documentation like powers of attorney, Joanne offers a deeply personalized approach to meet the unique needs of each family.

While she always takes the time to answer and ensure you understand the decisions you are facing, Joanne’s commitment to her clients extends beyond the office as well. She has decades of experience advocating for elder care issues in the community, including several leadership roles and public education efforts. Her dedication in and out of the office goes hand-in-hand with her proven ability to help families protect their assets and gain peace of mind.

Protect Your Family’s Future By Reaching Out Today!

Don’t wait until a crisis catches you off guard. Long-term care planning is too important to delay, and the sooner you begin, the more options and protections you’ll have for your loved ones and yourself.

At the Law Offices of Joanne Schlenk McAvey, PLLC, we’re proud to help Staten Island families navigate the complexities of elder care and estate planning with compassion and clarity. Contact us today to secure your family’s future and protect what you’ve worked so hard to build.

Call us at (631) 489-6613 or visit our website to schedule your consultation. Let us help you take the first step toward peace of mind. Your family and loved ones deserve it.