Elder Law & Medicaid Planning

As we are living longer, care for our older generations require us to consider how their medical expenses will be handled, especially if said person may require nursing home care.  If we look at the worst-case scenario, i.e. the need for nursing home care, there are currently only three ways a client can pay for it: 1) you pay from your assets, 2) you qualify and obtain long term care insurance (preferably with an inflation rider to cover increases in the cost of the nursing home care) or 3) you qualify for Medicaid.  Medicaid is a Federal poverty program that is managed on the state level.   As part of Medicaid planning, we explore whether the client can qualify to receive Medicaid by addressing the resource and income limits of the program and possibly utilizing spousal transfers, Special Need Trusts or Income only Trusts.  Where those persons seem to be exhibiting signs of possible Alzheimer’s disease or dementia or are unable to manage their own affairs or care for their personal needs, we can assist them through a Guardianship proceeding.