Most businesses in the United States are small, closely-held or family owned companies. However, due to insufficient estate, insurance, and succession planning, many of these businesses do not survive through multiple generations. Small-business owners can find themselves preoccupied with the day-to-day workings of their business, but it is important that they talk to an attorney about different ways to plan for contingencies to maximize their opportunities for long-term success and survival.
The decision to place a spouse or loved one into a nursing home is often a difficult one, and much stress and anxiety typically surround this determination. On top of the pressure to choose the right facility, or the difficultly coming to terms with the surrendering of control to a new caregiver, most of us would prefer to avoid the additional uncertainty of how to cover a nursing home’s extensive costs. There are several options available to plan for alleviation of this financial burden, and since this is a decision that many Americans will face at some point in their lives, it is important to talk to a legal professional and decide which of these options will work best for you.
Many families with elderly parents or spouses should consider consultation from an elder law attorney about Medicaid qualification and benefits. Qualifications for Medicaid are complex and it is important that families take proactive steps to maximize their potential benefits.