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Adler Law E-Letter
February 2010 |
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Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530
Phone: (516) 876-1105
Fax: (516) 794-0463
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Greetings!
 Welcome to our 2nd E-Letter. I'd like to dedicate February's E-Letter to all of the athletes competing in the 2010 Winter Olympics now taking place in Vancouver. Click on the Olympic Logo to the right to see the Olmpic's Home Page and to check on the medal count of Team USA!
This month, I've included a brief article discussing long term-care insurance.
If you have an interest or a concern with respect to any particular legal subject, please contact me at the firm and I would be happy to discuss your topic in a future issue of Adler Law.
Sincerely,
Steven M. Adler | |
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Long-Term Care Insurance
What is it good for...
Long-term care provides the help you or a loved one needs to perform activities of daily living because of dementia or another form of cognitive impairment. In addition to custodial care, some people also need skilled nursing services. You can receive long-term care in a nursing home, assisted living facility, or in your own home.
The need for long-term care can arise at any time, regardless of your age. Older people generally use the most long-term care, but younger and middle-aged people sometimes need long-term care as well. Long-term care can be very expensive. $15,000 per month for a nursing home is not uncommon in the New York metropolitan area. While home care may be less expensive than nursing home care, it is still very costly. Home care can include part-time skilled nursing care, speech therapy, physical or occupational therapy and home health aides.
Long-term care insurance can help protect you from the high costs associated with this type of care. Most long-term care policies pay a fixed dollar amount, which can range from $100 a day to $400 a day. In order to get the lowest rates, you should apply sooner rather than later. Your age and any medical conditions you have will affect your eligibility for coverage and how much it will cost. Under Federal law, you may also take certain income tax deductions for long-term care insurance premiums. In addition, some States may give a deduction or credit toward State income taxes for these costs.
Traditionally, the annual rate of increase in the cost of long-term care services has risen more quickly than it has for other consumer services. This means the benefit you buy today may not be enough to cover higher costs in the future. Therefore, you should consider choosing a long-term care insurance plan with an inflation adjustment feature so that you can be protected against the rise in long-term care costs over time until services are needed.
Finally, it is important to note that if you have long-term care insurance, you may not need to liquidate all of your assets to fund care costs. Moreover, you may not need to transfer all of your assets to your children or to a trust in an attempt to qualify for Medicaid. With long-term care insurance, you can keep control over your assets and protect them for your heirs. For more information regarding long-term care insurance or to receive a no cost estimate from a top notch insurance agent, please contact Steven M. Adler. |
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We Provide:
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You may click here to see a copy of last month's Adler Law E-Letter.
_________________________________________________________________________ The Law Offices of Steven M. Adler, PLLC are committed to providing their clients with the highest level of professional legal services at reasonable prices. Steven M. Adler, Esq., along with the rest of his law firm's highly competent support staff, gives all of his clients the personal attention and the legal expertise which they are entitled to receive. The Law Offices of Steven M. Adler, PLLC takes pride in the quality, effectiveness and efficiency of their legal services.
Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530
Phone: (516) 876-1105
Fax: (516) 794-0463
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Mention this E-Letter to Receive a Free Consultation
The information contained in this e-mail is sent by an attorney or his/her agent, and is intended only for the use of the individuals or entities to which it is addressed and may contain information that is privileged and confidential, the disclosure of which is prohibited by law. If the reader of this e-mail is not the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail.
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