“By failing to prepare, you are preparing to fail” Ben Franklin
My name is Mark Connell and I’m an Elder Law Attorney serving clients along the shoreline and throughout Connecticut. This section of my website is titled, “Plan Ahead”.
The most important thing to know about planning ahead for long term care costs is understanding the five year look-back period. If you give away your assets and you need assistance to pay for long term care costs before five years has passed since you gave the assets away, the State is going to penalize you based on the value of the assets that you transferred.
You have to plan at least five years ahead.
Preserving your quality of life and leaving a legacy for your loved ones while paying for long-term care is one of the greatest concerns that families have today. The good news is there are ways – effective, legal, and honest ways – to protect yourself.
Now many people think it’s a good idea to just give their house or give their assets to their children. But, from a tax standpoint and from an asset protection standpoint, this is probably the worst thing you could do.
There are certain kinds of trusts that are available to protect your assets. But, a common mistake is people think that a revocable living trust will help protect their assets. It absolutely will not.
I also counsel people that it is very important to have a Durable Power of Attorney and Advance Health Care Directives so that someone would be able to handle their personal and financial affairs, as well as, their health and medical affairs if they become incapacitated.
When people come into my office, I go through a very thorough analysis of income and assets so that we could determine, based on their goals, exactly what the best plan of action would be for them. But, right now, go to the “Resources” to get your hands on the information you are going to need in order to make the best choices and decisions.