Whether you have an older adult loved one in your life or you have concerns about the health and financial welfare of the future, an elder law attorney can optimize your planning. Elder law is a highly specialized area of law focusing on the legal needs of older adults encompassing more significant issues like long-term health care needs, quality of life, and financial well-being. Specific planning may include estate planning and administration, asset protection, Medicaid planning and applications, wills and trusts, probate, advance directives, special needs planning, and guardianships.
If you’re not sure if you need an elder law attorney, ask yourself the following:
If you answered no to any of these questions, then it’s certainly time to consult with an elder law attorney.
As you age, early planning is the key to enjoy a successful, secure, and less stressful lifestyle. Currently, the look-back period for Medicaid nursing home benefit qualifications is five years, and it is 2.5 years for Medicaid home care benefits. Early planning can protect many of your assets and still secure eligibility for government benefits.
The truth is, regardless of your age or wealth, you should have an estate plan. Your will sets forth instructions regarding which heirs will receive your property upon your death, name a guardian(s) for minor children, and protect assets in a special needs trust benefiting any disabled loved ones. An estate plan will tackle tax planning, power of attorney, health care proxy, and a living will in the event of unforeseen incapacity.
Engaging in Medicaid planning and asset protection can ensure you or your loved one will receive the care they need and afford it. Medicaid planning can protect a healthy spouse who wishes to remain in your home with the financial resources to do so. Proper planning for Medicaid benefits can protect your assets from Medicaid’s estate recovery program, genuine estate liens.
Hiring an experienced elder law attorney can be the most significant financial safeguard a person can make for their life or the life of a loved one. Specific services of an elder law attorney include but are not limited to:
A well-crafted estate plan is invaluable to you and your beneficiaries. Your elder law attorney will help guide you through the estate plan process, customizing it to meet your needs, and prepare the legal documents reflecting the laws of your state. Early proactive planning will yield the best results to protect your assets and your well-being. As Rochester Elder Law attorneys, we’re here to help. Contact us today to establish or review your existing estate plan.
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