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Asad Rahman
Asad Rahman, Lawyer
Category: Legal
Satisfied Customers: 1718
Experience:  Practicing Attorney with 10 years experience
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THIS QUESTION IS NEW YORK STATE ELDER LAWYER CAN MY WIFE AND

Customer Question

THIS QUESTION IS FOR A NEW YORK STATE ELDER LAWYER
CAN MY WIFE AND I AFFORD HOME CARE (NO LOOK BACK ISSUE) AND PAYING THE $100,000 ANNUAL NYS AVERAGE NURSING HOME FEE.
WE HAVE LIQUID ASSETS OF ABOUT $3,400,000 THAT CONSIST OF QUALIFIED (IRAS) AND NON-QUALIFIED ASSETS. OUR BROOKLYN HOME (NO MORTGAGE) HAS A VALUE OF BETWEEN $700-800.000. WE OWN A CONDO IN LENOX, MA AND ONE IN BOCA RATON, FLORIDA-ALSO NO MORTGAGE. THE LENOX CONDO HAS A VALUE OF ABOUT $120,000 AND THE FLORIDA ONE ISS WORTH ABOUT $60,000. WE HAVE NO DEBTS.
MY WIFE IS 80 AND WE ARE IN RELATIVELY GOOD HEALTH.
AS I SAID EARLIER, IT MAY BE THAT WE COULD AFFORD TO COVER HOME CARE AND OAR NURSING HOME COSTS WITHOUT THE COMPLICATIONS OF IMPOVERISHMENT STEPS, INCLUDING A TRUST, IF WE SHOULD LIVE ANOTHER 10 YEARS.
WHAT DO YOU THNK?
EPHRAIM
Submitted: 11 months ago.
Category: Legal
Expert:  Asad Rahman replied 11 months ago.

Good afternoon: Thank you for signing up for our service. You should shop around the market and see if there are some affordable options for home care. You do seem to have significant assets that would make such an expense something that you likely could afford. You should also see if you can get insurance that might help defray some of the costs.

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