Beat the Care-Cost Trap with Aaron Miller

The Shocking Cost of Long-Term Care and Why Most Families Are Unprepared

Long-term care is brutally expensive—often $7,000 $15,000+ per month depending on location and level of care—and catches nearly every family off guard. Aaron Miller, an award winning elder law attorney, was personally motivated by his own family’s tragedy: his grandparents lost everything paying privately for a decade of nursing-home care, and years later his grandfather had nothing left, forcing Miller’s parents to drain their own retirement savings. He warns that “beauty shop and coffee shop” myths and outdated advice lead people to believe Medicare will cover it (it doesn’t, beyond a possible 100 days of rehab) or that simply giving assets to children is safe (it usually isn’t). The result is panic, massive financial loss, and heirs left with little or nothing.The Three Ways to Pay—and the Smart Strategies Most People MissThere are only three ways to fund long-term care: (1) private pay (which quickly exhausts savings), (2) long-term-care insurance or newer hybrid policies (Miller’s favorite, because premiums are far cheaper than one month of care, they multiply your money, and unused benefits go to heirs), and (3) government programs. Veterans can tap VA Aid and Attendance (useful for in-home or assisted-living care), while Medicaid—not just for the “super poor”—is how the middle class actually pays for nursing homes when planned correctly with an elder law attorney. Even if someone is already in a facility and spending down assets, a qualified attorney can often still protect a significant portion through crisis-planning techniques most families (and even many facility staff) don’t know exist.Proactively Protecting Assets and Peace of Mind—Start Sooner Than You ThinkThe best protection combines early action: buying long-term-care insurance in your 50s (or earlier) while you’re still healthy, and, if possible, moving assets into properly drafted irrevocable trusts at least five years before care is needed so they’re shielded from Medicaid spend-down rules. Miller stresses that revocable living trusts offer zero long-term-care asset protection, and gifting the house outright to kids can trigger huge capital-gains taxes, lose senior tax exemptions, and create family drama. Planning ahead—ideally decades ahead—preserves flexibility, keeps spouses financially secure, prevents children from having to liquidate their own futures, and replaces fear with relief. As Miller puts it, the best time to plant the oak tree was 20 years ago; the next best time is today.Connect with Aaron: https://www.aaronmillerlaw.com/Watch the video: https://youtu.be/T9K4zT8PbwM