Strategies for Long-Term Care Presented by Chapel Hill Elder Law Attorneys

Online, January 9, 2014 (Newswire.com) - Long-term care costs are only going up and aging Americans must manage a fixed income to cover the costs. Gregory Herman-Giddens and Kristin L. Burrows, estate planning and elder law attorneys with TrustCounsel, review North Carolina laws and tools available to seniors in "A Lawyer's Perspective: Financial and Legal Strategies and Planning, and Assistance Paying for Long-term Care."

Reports released in 2013 reveal the minimum private room monthly cost for a nursing home in North Carolina is $4,050. In the Chapel Hill area, the cost tends to be much higher. The median cost of nursing home care in North Carolina runs $71,723 per year for a semi-private room, and $77,471 per year for a private room. These rates are forecast to grow 6% annually.

Seniors are overwhelmed trying to understand healthcare costs in the dawn of the Affordable Care Act. TrustCounsel's attorneys explain financial planning for long-term care on retirement income and review little-known Veterans' Benefits to help offset the costs for care. Seniors do not need to rely exclusively on long-term care insurance. Using asset protection and trust administration tools as examples, the workshop offers ways to minimize taxes and create a financial plan for seniors who need to cover in-home or nursing home care expenses. The course also outlines the benefits of Medicaid, changes to NC Medicaid law, how to preserve eligibility, asset exemptions, and more.

Instructor Gregory Herman-Giddens is a Certified Financial Planner and a board-certified in North Carolina estate planning, and Kristin L. Burrows is an elder law attorney accredited by the Department of Veterans Affairs.

The workshop is provided in coordination with the Chatham County Council on Aging and will be held at the Senior Center in Pittsboro (387 NC Highway 87 North) on February 11, 2014 from 6PM-8PM.