Thought for the Day” #1147 – by Stephen R. Elville, J.D., LL.M.

September 19, 2018

Income is king in elder law. Whether it be retirement living in general, independent living, continuing care retirement living, an in-home care living situation, assisted living, or a skilled nursing living arrangement, income can and does make all the difference. In what respects? Significant (monthly) income causes a preservation of assets generally; facilitates the better implementation of asset preservation strategies and further guarantees their success; eases the stress and financial burden associated with any cost of care situation; reduces anxiety and/or financial obligations for children and other family members; and provides peace of mind. If you are over 65 and concerned about income (current and future levels, production of income, or lack thereof) a consultation with an elder law attorney and accompanying financial and tax professionals (financial advisor and CPA) is warranted and is a good first step to an elder care window on the future.