Now that the fire is out…

Happy Fall, y'all! After two chaotic years, it’s nice to finally transition into a new season with a sense of peace and normalcy.

As we look ahead, October 17th- 23rd is National Estate Planning Awareness Week. Since we’ve all collectively been living with our “hair on fire,” most of us by now have a good sense of just how prepared--or unprepared-- we are to deal with an emergency or crisis.

If you are reassessing your plans – or lack thereof—I’d like to encourage you to use this season of calm and quiet to get your affairs in order. ?Tomorrow is not promised, and no one can predict when an accident, illness, or even death will strike.

I read a startling statistic that nearly 8 million children under 18 lost a parent or primary caregiver to the pandemic. ?In America alone, over 67% of adults said that they did not have a will that would determine who could raise their kids and how their inheritance would be managed if they passed away before they were grown.

The pandemic changed the way we looked at elder care, too. It exposed many of the flaws in our modern system and forced families back to the drawing board to reexamine the type of care they did or did not want for themselves and their loved ones as they age. We had many families come in and completely redo their planning after watching what happened in certain facilities across the country.

I could go on… but you know what YOUR unique needs are. Use your time this month to make sure that they are addressed and that your family and your assets would be protected if something happened. You might not get the chance to go back and make things right later.

Contact us if you need assistance. We’re here to answer any questions you have and help get your affairs in order once and for all. ??????????????????????

Steve Worrall

Estate Planning and Probate Attorney

Georgia Estate Plan: Worrall Law LLC

3750 Palladian Village Drive Suite 500

Marietta GA 30066

770-425-6060

[email protected] ???? ?

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Long-Term Care Costs Are Rising — Here’s What You Should Know ?

Due to advances in medical technology, more Americans are living longer. In many ways, this is great news. However, this situation has brought about some significant challenges that all aging people now have to face. One of the most pressing concerns is the rising cost of long-term care. Understanding how to cope with the increase of this financial burden can make life easier for you and your family.? ?

Costs of Long-Term Care Versus Inflation? ?

As people grow older, their medical requirements and care expenses start increasing quickly. For this reason, long-term care has always made up a sizable proportion of an elderly person’s budget. However, recent years have seen a trend of these costs reaching new heights, and they show no signs of slowing. In the last few years, in particular, costs of care have significantly outpaced inflation. This is not only a problem for people who are on the verge of retiring but also for younger adults who want to plan ahead for what they will need in the future.??

Reasons for Rising Costs??

The COVID-19 pandemic undoubtedly contributed to some of the increase in expenses as care facilities required extra funds to try to keep their residents safe from the virus. But there are other factors that predate the pandemic that have helped drive soaring costs. ?

One of the main reasons long-term care costs have risen so steeply is that there is a serious labor shortage in the field. Caregivers have traditionally been expected to work long hours for low wages, so many of them have gone to find less stressful jobs that pay more. When facilities are struggling to hire and retain the skilled staff they need, their operating expenses tend to increase. ?

At the same time, the population is rapidly aging. As more and more people who require care enter these facilities, the demand begins to outweigh the supply of available caregivers. Due to this imbalance, people who have entered or continued to work in this industry have a greater choice of their employment settings and will therefore go to work in places where their demands for higher wages can be met.??

Federal and State Benefits??

Low-income individuals have the option of having Medicaid pay for their medical expenses and long-term care. But if you do not meet this qualification, you may have understandable anxieties about the possibility of going completely broke paying for your long-term care.??

Contact Our Elder Law Attorneys for Help??

There may be options available for you, though. Our experienced elder law attorneys may be able to help. For example, we can help you move your assets into a Medicaid trust which can ensure that your wealth is not counted for the purposes of Medicaid qualification. ?

However, it is important that you follow the correct procedures and that the trust documents are properly written. There are certain requirements the trust will need to meet before you can become eligible for Medicaid benefits. A knowledgeable attorney can help you structure the trust in a way that optimizes your chances of receiving the benefits you need.??

There may be additional planning strategies available that are unique to your personal situation. To learn the best steps forward, we invite you to contact our office at 770-425-6060 to schedule a consultation at your earliest convenience.?