With millions of Baby Boomers reaching retirement age and beyond without any type of plan, many believe that it is too late to begin planning for elder care. Others have unnecessarily spent tens or hundreds of thousands of dollars in care and other needs because of the lack of an elder law plan. These are some of the most common misconceptions regarding elder law planning as well as how you or your loved one can avoid them.
It Is Too Late to Plan
For single or married elders, one of the most common and most devastating misconceptions about elder law planning is that it is too late. For seniors that are about to go into nursing home care or are already a resident, most have been informed of the five year look-back period for Medicaid and believe that there is nothing that can be done.