Advance Planning Makes Sense By Lawrence Eric Davidow
W
ith the average cost of a nursing home on Long Island running over $15,000 per month, the question of how to finance long term care is of utmost importance, especially since that cost is way more than a middle class income stream can handle. Enter the concept of advance planning with the primary goal in mind of saving middle class assets, especially the family home. Keep in mind the idea that times have significantly changed, making the need for older people to do advance planning even greater. A generation or two ago, it was far more common for three generations of a family to live together under a single roof, allow-
ing aging parents to be cared for in the course of every day family life. But in today’s world, older Americans increasingly find themselves at home alone, often because either their family lives out of state or the family lives close by but are too busy with full-time jobs and taking care of their own chil- Senior and Managing Partner of the Elder Law, Special Needs and Estate dren (also known as the sandwich Planning firm of Davidow, Davidow, generation). Alone and in need of Siegel & Stern LLP. care is a recipe for disaster. So, what to do? Well, they can secure a means of paying for long- Mr. Davidow has informed the elderly, term medical care without putting the disabled and their families about their legal rights for over 30 years. their home, their lifetime savings He is a Past President and Fellow of and their emotional well-being at
Lawrence Eric Davidow
the National Academy of Elder Law Attorneys and current member of the (Continued on page 30) Foundation Board of Suffolk AHRC.
22 the legalBrief • The Official Publication of the Suffolk County Bar Association • www.scba.org
