Two of the most misunderstood legal fields include Medicaid planning and elder law. Many people think Medicaid is only for the impoverished and elder law is only for the elderly. Neither of these things are true, and these misconceptions could cost you everything. The Potter Law Firm provides elder law and Medicaid services designed to help you dispel the myths and make plans that work for you under the legal realities. The reality: Medicaid planning can be essential for keeping your assets safe, while elder law services help you to protect your money, autonomy, family, and legacy.
Many families in Kentucky and North Carolina have benefited from the elder law and Medicaid services we provide, and you and your loved ones can take advantage of our experience as well. Give us a call today at (704) 944-3245, (606) 324-5516 or (859) 372-6655 for personalized help and answers to questions including:
- What can an elder law attorney do for me?
- Why do I need Medicaid services?
- How can an Elder law and Medicaid services lawyer help me?
What Can an Elder Law Attorney Do for You?
Elder law attorneys focus on key areas of law designed to help you in case of a serious health issue or untimely death. These key areas include incapacity planning, and legacy planning. Incapacity planning refers to making provisions for what will happen if an illness or an injury renders you unable to act independently in managing your life or managing your assets.
A comprehensive incapacity plan will include taking steps to make certain your assets are managed by a person of your choosing if you can no longer be in charge of them. Your plan will also assist in having costs covered if your incapacitating condition necessitates nursing home care. Finally, advanced directives for healthcare should be a part of your incapacity plan so your loved ones aren’t forced to go to court or struggle over difficult decisions about whether to give or withhold medical care like CPR or a feeding tube.
Legacy planning, on the other hand, refers to the development of a comprehensive financial plan focused on building a nest egg, protecting it and using to shape the impact you make on the world. Your elder law attorney will assist with a wide variety of legacy planning steps, from making smart investment choices to protecting assets to estate planning.
With help from an elder law attorney, you can rest assured that even if life hits you with unpleasant surprises, your family and assets are safe and you won’t face unwanted medical interventions.
Why Do You Need Medicaid Services?
Medicaid services are essential for incapacity planning, asset protection, and financial planning. Medicaid planning is important because you may have no way to cover nursing home costs unless you qualify for Medicaid. Medicare and insurance companies only pay for a nursing home when necessary for a limited duration due to a need for skilled medical services. The routine normal aid that most seniors get in nursing homes, called custodial care, isn’t covered.
Custodial nursing home care can cost more than $100,000 a year. If Medicaid is the only insurer covering it, you have a serious problem if you don’t qualify for Medicaid. Unfortunately, Medicaid imposes strict limits on both income and resources. While meeting income limits is often possible for most people who need nursing home care, the resource limits are more problematic. Lots of people work their whole lives to amass resources they can leave as a legacy, and these resources should not all be lost because of a need for nursing home care.
Medicaid planning involves protecting as many assets as possible from being spent before Medicaid begins paying for care. You can structure ownership of assets in appropriate ways to ensure that the property which will serve as your legacy is not lost.
Because of Medicaid’s qualification rules, however, you will best be able to protect your assets if you make your Medicaid plan at least five years before any nursing home care is needed. This five-year period is why it is important for even young people to think about Medicaid planning.
How Can an Elder Law and Medicaid Services Lawyer Help?
The Potter Law Firm provides elder law and Medicaid planning services to all those who need them, from young people to seniors. If you live in Kentucky or North Carolina and you want to control your own medical care, keep assets safe, and help your loved ones be secure, we are here for you. Give us a call at (704) 944-3245, (606) 324-5516 or (859) 372-6655 to speak with a member of our legal team and learn more. You can also contact us online for assistance, so reach out today.