Confused about Medicaid? You’re not alone! The complexity surrounding this constantly changing area of the law can sometimes feel overwhelming… it doesn’t need to be.
Caring for the elderly and ensuring their assets are protected are some of the primary services offered by our law firm.
What is Elder Law?
Elder Law involves planning for the complex health care, long-term care, and other issues facing elderly and disabled individuals and their families. Studies show that we stand a 40 percent chance of needing long-term care at least once before we die. Therefore, everyone should take into account that at some point residency in a nursing home or an assisted living facility may be needed.
However, the substantial cost of nursing home care for an incapacitated person can wipe away a family’s nest egg and the inheritance planned for surviving family members. The primary alternative to privately paying the nursing home is Medicaid.
Medicaid Planning Myths
So many times clients come to our office under the mistaken impression that there is nothing that can be done to protect assets from nursing home costs. Fortunately much of the circulating consumer knowledge is false or misinterpreted. For example, it isn’t always necessary to wait 5 years after gifting assets to become eligible for Medicaid. The answer actually depends upon the specific facts of your case. With the help of an experienced Elder Law and Medicaid Planning attorney many of the assets you have spent a lifetime accumulating can be protected from high nursing home expenses.
Medicaid Asset Protection Strategies
Although with the recent passage of the Deficit Reduction Act, increased restrictions affect the use of some techniques, other asset protection strategies remain viable, especially for married couples where one spouse requires long-term care. Some of these techniques may include setting up an Irrevocable Living Trust, making gifts to family members, and paying for certain Medicaid expenses.
Whether you are facing long-term care issues yourself or you have a family member who is, we encourage you to call with your questions or ask us for a free report. Be sure to call sooner rather than later because the timing of the decisions families need to make has a dramatic impact on whether or not someone can actually qualify for this type of support.
Our elder law services include:
- Medicaid Planning
- Asset Protection
- Health Care Proxies, Advanced Directives & Durable Powers of Attorney
- Nursing Home Resident Rights
- Probate Administration & Litigation
- Trust Administration & Litigation
- Business Succession Planning
- Guardianships & Conservatorships
- Special & Supplemental Needs Trusts
- Fiduciary Appointments
- Probate & Trust Mediation
- Estate & Gift Taxation
Linda Ershow-Levenberg of Fink Rosner Ershow-Levenberg LLC serves as Of Counsel to our firm. She takes care of the legal problems of the elderly and of people young and old who have disabilities, by protecting access to government benefits and planning for life-long care with whatever tools may be needed.
Fink Rosner Ershow-Levenberg LLC is a full service law firm for people who are elderly or disabled. Fink Rosner Ershow-Levenberg, LLC, provides responsive representation and personal attention across a wide range of legal practice areas. If you have a military service-connected disability, if you are getting divorced and are disabled, if your children have special needs, or if your loved one needs nursing home care, we provide the full range of legal services that you may need for your family planning.