If you are like most New Yorkers, you have not planned for the possibility that you or a loved one may require nursing home care one day. The costs of paying for a nursing home stay in Nassau, Suffolk and New York City is astronomical. In fact, the average cost of nursing home care in Nassau and Suffolk is over $12,000.00 per month, while the cost of nursing home care in the Five Boroughs of New York City was just under $11,500.00.
If you have not engaged in any type of long-term care planning prior to your loved one entering a nursing home, he or she will have to pay these rates out-of-pocket until he or she becomes nearly impoverish.
If you find yourself in this situation, you should call an attorney skilled in Elder Law immediately. By engaging in a form of last minute planning called “the Loan-Gift Strategy”, it is possible to save a significant amount your hard earned assets.