The Benefits of Medicaid Trusts
Unlike long-term care insurance, this kind of trust will not require a big expenditure to set up. Long-term care insurance only grows more expensive as you get older, and the prohibitive coverage restrictions mean that you can’t guarantee that you’ll be covered even if you decide to take on the cost. It will protect your assets and save you money in the long run.
Protect Assets from Spend Down
In order to qualify for Medicaid, you’re required to “spend down” your assets. An irrevocable Medicaid trust will allow you to hold on to these assets and get the assistance from Medicaid that you need. Your family members will be able to keep the precious heirlooms or valued assets after you’re gone.
Adhere to the Law
You want to protect your assets to ensure that they’re distributed according to your wishes. Unfortunately, unless you protect them with this kind of trust, failing to report these assets when it comes time to apply for Medicaid is illegal— in fact, it’s considered to be fraud. It gives you the protection you want in a legal and fiscally responsible manner.
Why Choose Elder Care Law?
Specialized Legal Knowledge
An elder law attorney will have information about these matters that a general attorney won’t. Elder care law is very specific and it varies from state to state. You should work with an attorney that has an intimate knowledge of legal issues and the law specifically pertaining to the state of Ohio.
An elder care lawyer isn’t just familiar with the law; they have an understanding of complex family situations. They’re accustomed to handling inheritance issues, legal issues, divorce, benefits and care that children could lay claim to, incapacitation, and more. Your elder law attorney helps you deal with the many professionals who play a significant role in a senior’s life, including doctors, caregivers, and former employers. Additionally, when your loved one requires more care, whether it’s from an assisted living facility or a nursing home, your legal counsel will walk you through the legal issues that might arise.
Do not wait on hiring a lawyer. Many strategies are immediate, but there are more benefits when you have time to plan. Often, you need at least 61 months to plan. Our team of attorneys is ready to help you throughout Ohio and right here in Columbus. Together, we can help your elder loved one get the care needed without worrying about depletion of assets and savings. Please reach out to our office today to schedule a meeting.
Crisis Planning comes into play where someone has experienced an unexpected accident or health issue which requires a new living arrangement or in-home care, and that care must happen soon. For Crisis Medicaid Planning, assets are rearranged by category, owner or amount, all permitted by Medicaid regulations so that the countable assets claimed on a Medicaid application are below $2,000.
For instance, in many cases, assets and income can be shifted to the healthy spouse. Or exempt assets which actually increase our family’s interests can be purchased, like home improvements or annuities. Immediate gifting may come into the plan. There are many planning options which can be tailored to fit your family’s needs.
Crisis Medicaid Planning for couples can sometimes shield 100% of their lifetime earnings from Medicaid qualification and Medicaid Estate Recovery. With single or widowed persons, 100% may not be possible, however in most instances, anywhere from 50% to 95% of the assets can be shifted to one’s family and still allow for Medicaid qualification.
When you work with an experienced elder law attorney, you can develop a plan for covering the substantial costs of long-term care when the need arises. You may be concerned about your loved one being removed from a facility for non-payment. It can happen. This is why you need to plan.
All of this can be scary for most adult children, especially for those who may not realize how much a parent has declined, what the estate planning status is, what the next steps are, or all of the above! We are here to help. Adult children do not need to shoulder the burden of paying for care and need a trusted resource to guide them through the complicated Medicaid maze. Our office is here to help families and their loved ones. Let us work with you to develop a long-term care planning solution. You do not have to lose your life savings to pay for nursing home care. Contact our office to discuss your long-term care planning options today.
Video: Don’t Lose Everything Paying for a Nursing Home
Attorney Greg Port of Port Legal knows how important your elder law and long-term care needs are to you and your loved ones. Do not put off this critical planning. Do not lose everything to a nursing home. We can help you take action now and protect a lifetime of savings from depletion.
Why Choose a Probate Attorney?
The loss of a loved one is one of the most difficult things we can encounter. Dealing with the property, assets, and finances should be handled objectively and with confidence. Unfortunately, without assistance from an experienced legal professional, probate can become a complicated process.
When it comes to the complexities of legal matters, Port Legal is prepared to help you along the way. We make probate administration a smoother, much less stressful process in your time of grief.
Peace of mind
Without the support of professional legal guidance, it can further complicate the process, from procedural miscues to interpersonal conflicts that arise as an outcome. Dealing with the property, assets, and finances must be handled objectively and with confidence. When it comes to the legalities of probate law, Port Legal is representing clients in need of assistance with estate planning and probate. We ensure that legal matters ranging from estate taxes to probate a less stressful process in your time of grief.
No up-front fees
Most people want to know how much the probate process costs. With the law offices of Port Legal, there are no up-front costs or hidden fees. You won’t pay a dime until the probate process is completed and your loved one’s wishes have been fulfilled.
Why An Attorney that Specializes in Elder Care?
Elder law is a relatively recent area of focus in the legal field. This multifaceted practice came about when it became apparent that the elder population faced increasingly complex problems and needed guidance to handle the legal issues that arose. When the time comes, it is imperative that individuals and families consider hiring an elder law attorney to address these concerns.
How do you plan for end of life for a loved one in hospice or palliative care?
Some may believe thinking about the end of life is disrespectful, at best. However, planning is prudent and likely what our loved one wants us to do. This guide is designed to help you navigate these difficult times.
How Can an Elder Care Law Attorney Help You?
Our experienced elder law attorney will not just help you create an estate plan, they’ll walk you through the personal care matters that often arise as we age. Personal protection, care, and the complexities of Medicare and Medicaid are just a few of the topics within the purview of this attorney. They have the experience and knowledge that you need to navigate the challenges that accompany aging.