According to the American Bar Association, Elder Law is more about meeting the needs of a particular type of client rather than a specific area of law. As people age they often have specific legal needs that are unique to them, and we are committed to meeting those needs and making sure the seniors that we represent are protected and continue to enjoy a high quality of life as they age. For example, a person in retirement with a spouse whose health is declining might be interested in creating or updating will would be best served meeting with an experienced elder law attorney who can explain the potential impact Medicaid benefits could have on their future lifestyle and how they can protect their assets.
People are frequently confronted with complicated health and financial issues as they age. Some common issues involve:
- Retirement
- Estate planning and asset protection
- Business succession planning
- Powers of attorney and health care directives
- Medicaid planning
- Medicare coverage
- Long-term care
The high cost of long-term care has made it critical to plan. According to the AARP, the average cost of nursing home care is over $7,000 per month in Ohio, and a prolonged stay in a nursing home can financially and emotionally devastate a family. There are two types of sophisticated approaches to asset protection:
- Proactively planning in advance to protect assets and income to ensure lifestyle options in the future; and
- Emergency planning when a loved one is in a long-term care setting or it is imminent
What is Medicaid?
Medicaid is a federal and state program that provides assistance to individuals who are age 65 or older, disabled or blind. Medicaid is the largest payer of nursing home bills in America. Each year Medicaid eligibility requirements become more complex and restrictive. There are a myriad of rules and regulations involving income and asset limits, look-back periods, asset transfer penalties, and restricted coverage periods to plan around.
While complex and restrictive, Medicaid applicants basically have to spend all of their assets down to obtain financial eligibility for Medicaid benefits. There are, however, planning techniques we can implement to protect certain assets and income, and to provide for a healthy spouse so he or she can survive financially. You can learn more about Medicaid Planning here.
Common Elder Law Scenarios
Though not an exhaustive list, below are a few common scenarios of how an elder law attorney is able to help
Proactive planning to protect assets from a future Medicaid spend-down: Mr. and Mrs. Smith want to proactively plan to preserve their estate. They heard that if they plan far enough in advance, they can protect their entire estate from a Medicaid spend-down and ensure that they have options for long-term care in the future. Mr. and Mrs. Smith contacted an elder law attorney who helped them put appropriate legal measures in place to protect their entire estate.
Emergency planning to protect assets from current long-term care costs: Mr. Brown has been in nursing home for a year and paying privately at $8,000.00 per month. The nursing home told her that she would have to spend down her remaining $50,000.00 of assets to $2,000.00 before qualifying for Medicaid benefits. Her son contacted an elder law attorney who helped Ms. Brown preserve some of her remaining assets and qualify for Medicaid benefits within a few months.
Planning to preserve money for a disabled adult child: Ms. Jones is planning for long-term care and she wants to preserve a sum of money for her disabled adult child. Ms. Jones hears that if she sets the money aside for her adult disabled child that she will be ineligible for Medicaid benefits. With the help of an elder law attorney, Ms. Jones was able to preserve the entire sum of money for her disabled adult child’s benefit and qualify for Medicaid benefits upon entering a long-term care facility.
Professional & Experienced Help is Available
Having a strong plan in place for long-term care can preserve family resources and provide you with security that you are prepared for the future. Contact us today to discuss your family’s elder law concerns.