NEWPORT BEACH, CA, May 21, 2014 /24-7PressRelease/ -- May 11th- 17th was National Nursing Home Week. As the 78 million baby boomers born between 1946 and 1964 in the United States enter their retirement years, planning ahead for long-term care has become a matter of urgency for an otherwise strong-willed and independent generation.
"Baby boomers have their heads in the sand about long-term care," says Darlynn Morgan, an elder law attorney in Newport Beach. "After bootstrapping their way to financial independence, the thought of losing their mental or physical abilities and having to rely on someone for help is simply unimaginable to them," she adds.
Unfortunately, Morgan says that failing to plan ahead can lead to even more unimaginable situations in the future.
Excessive Nursing Home Costs
Nursing home care in the Newport Beach area can run in excess of $8,000 per month and is not covered by private insurance or Medicare in most cases. Many times, seniors can find themselves blowing through their entire life savings during the first year of care alone, cautions Morgan.
Unnecessary Loss of Assets
Morgan says most seniors are in the dark about how to properly protect their assets should they need nursing home care. Most worry about losing their homes or their inheritance for their families and therefore turn to DIY asset protection strategies like gifting money away or adding family members to titles to avoid seizures from nursing homes.
"Many strategies that people use are risky, especially considering that there are look-back periods and penalties for 'asset protection strategies' gone wrong. The job of an elder law attorney is to help seniors legally protect their assets should they require nursing home care in the future. With proper guidance and the use of tools like irrevocable trusts, seniors can keep what they've worked so hard for while still qualifying for public benefits to help pay for care," she adds.
Wait Lists For Care
Morgan also warns that many facilities, including VA nursing homes have wait lists that could limit a senior's options if they wait until a medical crisis occurs to choose a desired nursing home.
"Don't just assume that a nursing home with your desired amenities will be available if you have a health scare and can no longer live on your own," warns Darlynn Morgan. "Some facilities have wait lists up to 3-5 years," she adds.
Aging With Dignity Means Planning Ahead
Morgan believes that baby boomers can age with dignity, have a say in their care and preserve their independence simply by planning ahead.
Through the use of legal tools such as powers of attorneys, health care directives and trusts, Morgan says that boomers can make their wishes clearly known to family members, anticipate nursing home costs, protect their assets and have a plan to go into the facility of their choice should a health care crisis occur.
"No one likes to think about the prospect of ever going into a nursing home, but the time to plan for it is now. By doing so helps to ensure you get the care and treatment you actually want, should something serious happen," says Morgan.
ABOUT DARLYNN MORGAN - California Will and Trust Attorney
OC Trusts Lawyer Darlynn Morgan and Morgan Law Group is a Southern California Probate Attorney / Estate Planning Lawyer / Wills & Living Trusts Law Firm Serving: Los Angeles, Orange County, Riverside, San Bernardino, San Diego & all of Southern California
Southern California probate law firm Morgan Law Group, serves all cities in Orange County, including: Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Capistrano Beach, Corona Del Mar, Costa Mesa, Coto de Caza, Cypress, Dana Point, as well as estate planning in Foothill Ranch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, and estate planning and probate in Los Alamitos, Mission Viejo, Newport Beach, and estate planning and probate law firm information in Orange, OC, Placentia, Rancho San Margarita, Rossmoor, San Clemente, Santa Ana, Seal Beach, Sunset Beach, Tustin, Villa Park, Westminster, and Yorba Linda.
Orange County California probate law firm Morgan Law Group, serves all cities in Los Angeles.
For more information about National Nursing Home Week, visit http://www.ahcancal.org/events/national_nursing_home_week/Pages/default.aspx
For more information about elder law attorney, Darlynn Morgan, visit http://www.morganlawgroup.com or call (949) 260-1400.
Morgan Law Group is an estate planning firm in Newport Beach, CA.
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