00:00Hey folks, Marty Griffin here with my good friend Julian Gray.
00:04The impact he has had, it's actually fascinating, on my family has been tremendous.
00:11And my friends, it has been tremendous.
00:14And I'll tell you what's happened as we age and as the people in our lives age.
00:19I know older folks, personally, who are about to go into nursing care,
00:26have no plan, no clue, and are insanely exposed financially, right?
00:35And they think, we're going to lose everything if we go in there, right?
00:38Yeah, and Marty, as you know, there's an emotional part of that, right?
00:42People go into a nursing home, it's not what they ever wanted.
00:45They never expected that.
00:47Nobody drives past a nursing home when they're retired and says, that's where I'm going someday, right?
00:51Nobody wants that, but it's beyond our control.
00:53And so then, to add insult to injury, they end up losing their life savings because they're not prepared.
00:59Well, you know what's wild?
01:02Because now that I know him and now that we're set up because of him,
01:07I ask people randomly, hey, do you have any plan?
01:11My brother, his mother-in-law, does she have any plan for her house, for her 401K?
01:19No.
01:20Right.
01:20And how often do people say that to you?
01:22All the time, Marty.
01:23And it's a shame because they get really bad information from the wrong sources, right?
01:28You know, we're certified elder law attorneys.
01:30I've been doing this for 30-plus years.
01:32We've seen thousands of cases.
01:34And so you really get into that crisis situation.
01:38You need to talk to someone that's done this before, that knows exactly what the next step is going to
01:43be.
01:43And it's very possible, even at the 11th hour, to still save a lot of your assets from being spent
01:50down.
01:50And that's what people don't know.
01:51They think they have to give it all up.
01:52And it's a shame.
01:53By the way, this is a beautiful point.
01:56People think, as soon as I go in there, whatever I had in the 401K is gone.
02:01Right.
02:02And then my house is gone.
02:04Right.
02:04And they have no idea how to manage it.
02:08Right.
02:08So what do they do, man?
02:10Well, first thing is to just get a good assessment and do it as quickly as possible.
02:14Everyone is scrambling to get medical information, find out the prognosis, right?
02:19We're worried about the person that's ill.
02:22But someone else in the family can take the lead and start working on the financial pieces to say,
02:27what if this person can't come home from the nursing home?
02:30You know, what if this isn't just a short-term rehab for a broken hip or a stroke or something
02:35like that?
02:35And so, you know, you really need to get ahead of it.
02:38And so we talk to our clients as fast as they need to talk to us and start gathering their
02:43financial information
02:44and showing them what their options are to try to preserve those assets.
02:47So, you know, because I know this now because we have folks that are getting in and out of these
02:52facilities.
02:53Some of them are $5,000 a month, really low.
02:57Some of them, sir, $10,000 plus a month.
03:00Well, right now in Pennsylvania, nursing care is about $15,000 a month.
03:04It's insane.
03:05Yeah, and it's all private care.
03:06No, I'm low-balling because there are some real low.
03:09Yeah, it depends on your level of care.
03:11The more care you need every day, the more expensive it is because it's the number of, you know,
03:16nursing or assistant hours you're going to need.
03:18But it's never going to get any cheaper.
03:20I've never seen it get any cheaper for anyone.
03:22And so you have to go into that with that mindset to say,
03:25I know this is going to continue to get more expensive as I age.
03:29What can I do to mitigate my financial exposure right now?
03:33And if people are talking to you and telling you you've got to liquidate your IRA
03:36or you're going to lose your house, they haven't seen all the options
03:40and you're not getting all the options.
03:42It's as simple as that.
03:43He said something.
03:44Let's say you're spending $15,000 a month.
03:47Do the math.
03:48Ten months.
03:49Right.
03:50$1.5 million.
03:51Oh, $150,000.
03:52Well, yeah, yeah.
03:53Yeah, yeah.
03:54But it adds up every single penny you lose if you're in there several years.
03:57Oh, yeah.
03:58Yeah.
03:58Yeah.
03:58It's not unreasonable to think you could lose your life savings.
04:01And once again, this isn't all about I want to protect my money to make an inheritance for my kids.
04:07No.
04:07Although no one wants to throw it away, but when you have a spouse who's healthier and living at home
04:12and could outlive the nursing home resident by 10 years, what's that spouse going to survive on, right?
04:19That's not the way that married couple thought when they built their IRAs and their home and their savings
04:23so that one day one spouse would bankrupt the other one with long-term care costs.
04:28So it's just really important to talk to the right people.
04:31If you go to our website, grayelderlaw.com, you can get some great free information,
04:35and we don't charge a fee to review your situation.
04:38So we'd be happy to help.
04:40I did it for my family.
04:42I did it for most of my close friends.
04:43I did it for myself and my wife, quite frankly.
04:46To use his math, not my idiotic math.
04:48Let's say most Americans have less than $100,000 in a 401K.
04:52Right.
04:53You're blowing through that in less than a year.
04:55Oh, absolutely, yeah, and there's ways to protect that.
04:58That's what people need to know about.
04:59What about folks being pushed in terms of getting qualified for Medicare or Medicaid, sir?
05:06Yeah, there's a lot of outfits out there.
05:08Many of them are not even law firms, and so they're trying to do what they do to handle those
05:14situations.
05:15But, you know, once again, we're certified elder law attorneys.
05:18That tells you everything you need to know about our experience level in doing this,
05:23and we're going to give you the best options, and you get to choose what you want to do.
05:28I get five people a day asking me for his phone number.
05:32I sat at this very table with my family, and he saved our asses.
05:36He just did.
05:37My closest friends, my family members, my brother's asking me.
05:41My wife's asking me.
05:43And the truth is they understand this game, and don't ignore it.
05:48Yeah.
05:48Right?
05:49Yeah, it's very expensive to ignore.
05:51GrayOderLaw.com.
05:53Magnificent man, magnificent law firm.
05:56GrayOderLaw.com.
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