Elder law is the process of educating and presenting planning options that apply to a senior’s unique problems. Elder law planning can involve qualifying a client for government benefits to help them pay for long term care, such as benefits from the Department of Veterans Affairs (“VA”) to help offset some of the costs of care, or arranging one’s affairs so that Medicaid can help pay for a nursing home stay. Medicaid and VA planning involve working with the laws to set aside assets to help pay for nursing home care, and to pay for things not covered by Medicaid such as caregivers, hearing aids, beauty shop visits, televisions, clothes, shoes, and other personal items; while at the same time preserving as much as possible for the person’s spouse and children.
Elder law strategies will often involve implementing advanced estate planning techniques, such as expanded Durable Power of Attorney documents, specialized Wills, and Irrevocable Asset Protection Trusts. However, it is important to understand how the implementation of each of these strategies can effect potential benefits from each government program which may be helpful to you and your loved ones.
Many individuals don’t want to face these issues until faced with a long term care crisis, and that’s normal. But planning for these events before they happen will oftentimes give our client’s a better result than planning during a crisis, plus it will be much less stressful. Please contact our firm today so we can discuss a customized solution to fit your goals.